Moody’s applies Baa2 to MetLife preferreds

Moody's Investors Service said it assigned a Baa2 (hyb) preferred stock rating with a stable outlook to MetLife Inc.'s (A3 stable) $1.5 billion issuance of 5.25% perpetual fixed-to-floating rate preferred stock, series C.

The issuance is a drawdown from a shelf registration filed in November 2013.

Proceeds are expected to be used to repurchase an equivalent amount of outstanding series B preferred shares (Baa2 [hyb] stable).

Moody's said the ratings reflect MetLife's very strong market positions both in the U.S. and in regions around the world with excellent brand recognition, significant operating scale in many diverse individual life/annuity and group insurance businesses, diversified and controlled distribution, as well as a substantial capital base. These strengths are mitigated by the group's generally weak cash flow coverage profile for the rating level.

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