Fitch Assigns 'A-' to MetLife's Fixed-Rate Noncumulative Preferred Stock.

CHICAGO -- Today, Fitch Ratings assigned an 'A-' rating to MetLife, Inc.'s (NYSE:MET) new issuance of $1.5 billion fixed-rate noncumulative preferred stock. In addition, Fitch affirmed MET's 'A' long-term issuer rating and the ratings on all the company's outstanding debt. The Rating Outlook is Stable. See below for a complete listing of all ratings.

Fitch expects that the net proceeds of the notes will be used to fund a portion of the purchase price of MET's proposed acquisition of Citigroup's life insurance and annuities business. Pro forma long-term debt-to-capitalization was 23% at March 31, 2005 and is expected to increase to approximately 30% as MET completes raising additional capital needed to fund the acquisition of the Citigroup business, which is expected to close about July 1, 2005.

Fitch has assigned 100% equity-credit to MET's new preferred stock issuance. The preferred stock is perpetual and is subordinated to all other creditors. Dividend payments are optional, noncumulative, and subject to mandatory suspension if certain financial tests related to subsidiary risk-based capital, GAAP net income, and GAAP equity are not met.

MET is a holding company and through its subsidiaries and affiliates is a leading provider of insurance and other financial services to individuals and institutional customers.

The following actions have a Stable Rating Outlook by Fitch:

MetLife, Inc.

-- Long-term issue affirmed at 'A';

-- Fixed-rate preferred stock, series B, assigned 'A-';

-- Floating-rate preferred stock, series A, affirmed at 'A-';

-- 3.911% senior debentures due May 2005 affirmed at 'A';

-- 5.25% senior notes due December 2006 affirmed at 'A';

-- 6.125% senior notes due December 2011 affirmed at 'A';

-- 5.375% senior notes due December 2012 affirmed at 'A';

-- 5% senior notes due November 2013 affirmed at 'A';

-- 5.5% senior notes due June 2014 affirmed at 'A';

-- 5.375% senior notes due December 2024 affirmed at 'A';

-- 6.50% senior notes due December 2032 affirmed at 'A';

-- 5.875% senior notes due November 2033 affirmed at 'A';

-- 6.375% senior notes due June 2034 affirmed at 'A'.

The following Metlife, Inc issues are also affirmed by Fitch:

-- Short-term at 'F1';

-- Commercial paper at 'F1'.

Fitch's rating definitions are available on the agency's public web site, www.fitchratings.com. Published ratings, criteria and methodologies, and relevant policies and procedures are also available from this site, at all times. This document will remain on the public site for seven days.