Moody's affirms MetLife

Moody's Investors Service said it affirmed MetLife, Inc.'s credit ratings (senior debt at A2 and short-term debt rating at Prime-1) and the Aa2 insurance financial strength ratings of its subsidiaries, including Metropolitan Life Insurance Co.

Moody's said it also assigned a Baa1 rating to MetLife's $500 million issuance of junior subordinated debentures scheduled to mature in 2039, adding that proceeds are expected to be used for general corporate purposes.

The outlook is negative.

In affirming the ratings, Moody's cited MetLife's strong brand recognition and leading market positions in both individual and group life businesses, diversified distribution system with a large career agent sales force, substantial and strong capital base, and the company's very diversified business mix with strong earning capacity.

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