A.M. Best Co. assigned its third-highest investment-grade debt rating - "a" - to the senior unsecured notes MetLife Inc. will issue to help fund its purchase of Travelers Life and Annuity from Citigroup Inc.
It also put the rating under review with negative implications. The giant insurer plans to issue about $2.7 billion of notes, the last in a series of securities offerings it is to complete in connection with funding the $11.5 billion Travelers deal.
MetLife's existing debt ratings, its issuer credit rating of "a," and the "aa" rating for the lead life insurance subsidiary, Metropolitan Life Insurance Co., all remain under review with negative implications. The review was imposed after MetLife announced its Travelers purchase plan in January.
