Fitch rates Metropolitan Life notes A(zaf)

Fitch Ratings said in a corrected rating to modify the call date that it assigned Metropolitan Life Ltd.'s ZAR500 million issue of unsecured subordinated callable notes a final national rating of A(zaf).

The subordinated notes will mature on Dec. 15, 2019.

At Metropolitan's option, the notes can be called from Dec. 15, 2014, the agency said, adding tat the initial coupon rate is 9.25%, reverting to a floating-rate from the first call date.

Fitch added that Metropolitan group's rating reflects its strong business position in its chosen market of low/medium income, solid capital position and continuing international expansion within Africa.

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