Wealth management

In Brief: Fitch Rates MetLife Travelers Notes 'A'

Published June 24, 2005, 1:00 a.m. EDT

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Updated June 23, 2005, 4:11 p.m. EDT

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Fitch Ratings in Chicago assigned an "A" rating Thursday to MetLife Inc.'s planned issue of $2.7 billion of senior notes.

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The ratings agency also affirmed MetLife's "A" long-term issuer rating and those on all the company's outstanding debt, with a stable outlook.

Fitch said it expects that the issue's net proceeds will be used to pay part of the $11.5 billion price of MetLife's planned purchase of Citigroup Inc.'s life insurance and annuities business. The insurer's pro forma long-term debt-to-capitalization ratio is expected to rise to about 30% as MetLife completes raising capital for the deal, which is expected to close about July 1.

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