Fitch Assigns 'A' to MetLife's Senior Notes.CHICAGO -- Today, Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned an 'A' rating to MetLife, Inc.'s (NYSE NYSE See: New York Stock Exchange :MET) new issuance of GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 350 million senior notes. 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. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of the notes will be used for general corporate purposes. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma long term debt-to-capitalization was 24.7% at Sept. 30, 2004 compared to MET's maximum of 25%. On Fitch's equity adjusted basis which includes short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. , pro forma leverage was 25% and was within ratings expectations. Through the first nine months of 2004, GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). earnings before interest and taxes In financial and business accounting, earnings before interest and taxes (EBIT) is a measure of a firm's profitability that excludes interest and income tax expenses.[1] EBIT = Operating Revenue – Operating Expenses + Non-operating Income to fixed charges was 9.4 times(x) compared to ratings expectations of greater than 7.0x. MET is a holding company and through its subsidiaries and affiliates is a leading provider of insurance and other financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to individuals and institutional customers. MET reported shareholders net income of $2,165 million through the first nine months of 2004. Entity/Issue/Type Action Rating/Outlook MetLife, Inc. --Long-term issuer Affirm 'A'/Stable; --5.375% senior notes due December 2024 Assign 'A'/Stable; --3.911% senior debentures due May 2005 Affirm 'A'/Stable; --5.25% senior notes due December 2006 Affirm 'A'/Stable; --6.125% senior notes due December 2011 Affirm 'A'/Stable; --5.375% senior notes due December 2012 Affirm 'A'/Stable; --5% senior notes due November 2013 Affirm 'A'/Stable; --5.5% senior notes due June 2014 Affirm 'A'/Stable; --6.50% senior notes due December 2032 Affirm 'A'/Stable; --5.875% senior notes due November 2033 Affirm 'A'/Stable; --6.375% senior notes due June 2034 Affirm 'A'/Stable; --Short-term issuer Affirm 'F1'/NA; --Commercial paper Affirm 'F1'/NA. Related Ratings: Metropolitan Life Insurance Co. --Insurer financial strength 'AA'/Stable; --7% surplus note due November 2005 'A+'/Stable; --7.70% surplus note due November 2015 'A+'/Stable; --7.875% surplus note assumed from New England Mutual Life Insurance Company due November 2023 'A+'/Stable; --7.80% surplus note due November 2025 'A+'/Stable. MetLife Funding, Inc. --Commercial paper 'F1+'/NA; --Short-term issuer 'F1+'/NA. New England Life Insurance Company --Insurer financial strength 'AA'/Stable. General American Life Insurance Co. --Insurer financial strength 'AA'/Stable. Paragon Life Insurance Company --Insurer financial strength 'AA'/Stable. MetLife Investors USA Insurance Company --Insurer financial strength 'AA'/Stable. MetLife Investors Insurance Company --Insurer financial strength 'AA'/Stable. GenAmerica Capital I --Long-term issuer 'A-'/Stable; --Guaranteed preferred capital securities 'A-'/Stable. |
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