Fitch Rates MetLife's Senior Notes Issuance 'A'.

CHICAGO -- Fitch Ratings assigned an 'A' rating to MetLife, Inc.'s (NYSE:MET) new issuance of $2.7 billion of senior notes. In addition, Fitch affirmed MET's 'A' long-term issuer rating and the ratings on all the company's outstanding debt, as listed below. The Rating Outlook is Stable.

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 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.

The new senior notes consist of three separate issuances: $1.0 billion of 5.0% U.S. dollar denominated senior notes due 2015, $1.0 billion of 5.7% U.S. dollar denominated senior notes due 2035, and GBP400 million of 5.25% Sterling denominated senior notes due 2020. The notes represent senior unsecured obligations of MET and will be on a parity with all existing and future unsecured and unsubordinated indebtedness.

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.

Fitch rates the following with a Stable Outlook:

MetLife, Inc.

-- 5.0% senior notes due 2015 'A';

-- 5.7% senior notes due 2035 'A';

-- 5.25% Sterling senior notes due 2020 'A'.

Fitch also affirms the following with a Stable Outlook:

MetLife, Inc.

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

-- Fixed-rate preferred stock series B at 'A-';

-- Long-term issue at 'A';

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

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

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

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

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

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

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

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

-- 6.375% senior notes due June 2034 at 'A';

-- Short-term at 'F1';

-- Commercial paper at 'F1'.

MetLife Capital Trust II

-- Common equity units 'A-'.

MetLife Capital Trust III

-- Common equity units 'A-'.

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.