Moody's rates MetLife debt A3

Moody's Investors Service said it assigned an A3 rating with a stable outlook to MetLife, Inc.'s $1 billion senior debt offering, consisting of two tranches of $500 million each.

According to Moody's, the issuance is a scheduled remarketing of the outstanding series C senior debt component of 40 million common equity units first issued in November 2010.

"The remarketing of this debt, originally part of the financing of the purchase of ALICO, had been expected and will have a negligible impact on financial flexibility," Moody's vice president Neil Strauss said in a news release.

The agency said MetLife's A3 senior debt rating reflects the company's strong brand recognition, significant operating scale with leading market positions in its annuity and individual and group life insurance businesses, diversified distribution system with a large career agent sales force, substantial capital base and very diversified business mix with solid earning capacity.

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