Moody's gives MetLife trust securities Baa1

Moody's Investors Service said in a corrected rating that it assigned a Baa1 rating to MetLife Capital Trust IV's $500 million fixed-to-floating-rate exchangeable surplus trust securities.

According to Moody's, the Baa1 rating reflects its view of loss given default and follows Moody's current notching practices of rating junior subordinated debt with mandatory triggers two notches below senior debt.

The outlook for MetLife's long term ratings is stable.

The agency added that proceeds of the trust securities will be used to purchase 30-year surplus notes issued by Metropolitan Life Insurance Co. (Aa2 for insurance financial strength with a stable outlook).

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