S&P rates MetLife preferreds BBB

S&P said it assigned its BBB debt rating to MetLife Inc.'s proposed issuance of fixed-rate noncumulative perpetual preferred shares, series E.

The preferred share rating is two notches below the A- long-term issuer credit and senior debt ratings.

“The notching is similar to our rating on MET's series D preferred shares that it issued in March,” the agency said in a news release.

“The two notches represent the subordination of the issue and the optional dividend deferability of the preferred shares.”

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