Fitch gives Metropolitan Life notes A(zaf)

Fitch Ratings said it assigned Metropolitan Life Ltd.'s ZAR500 million issue of unsecured subordinated callable notes a final national rating of A(zaf).

The subordinated notes will mature on Dec. 15, 2019, the agency said.

The initial coupon rate is 9.25%, reverting to a floating rate from the first call date, Fitch added.

Metropolitan group's rating reflects its strong business position in its chosen market of low/medium income, solid capital position and continuing international expansion within Africa, the agency noted.

They also reflect the group's very strong Black Economic Empowerment credentials that support its business position and prospects, the agency said, adding that partially offsetting these factors are its lack of an affiliation with a bank for distributing its products and the challenge to defend its business position in a highly competitive South African life insurance market.

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