Fitch Assigns Debt And Issuer Ratings To MetLife, Inc.

Business Editors

CHICAGO--(BUSINESS WIRE)--June 1, 2001

Fitch has assigned an `F1+' commercial paper and short-term issuer ratings to MetLife, Inc. (NYSE: MET). Fitch has also assigned a `AA-` long-term issuer rating to MET and a preliminary `AA-` rating to the senior debt issued

The commercial paper and short-term issuer ratings are the same as current ratings on MetLife Funding, Inc. and reflect MET's strong cash flow, financial flexibility and history in the capital markets despite its becoming a public company only one year ago. Proceeds of current commercial paper issuance are used to finance working capital needs of MET's operating subsidiaries and to fund repurchase of corporate stock. The current program will be phased out and incorporated into the program at the holding company.

The long-term issuer and shelf ratings incorporate MET's targeted leverage levels as well as its strong interest and fixed-charge coverage. MET targets long-term debt-to-total capitalization in the range of 20-25%. Excluding short-term debt from the capital structure, MET's current use of financial leverage is moderate with long-term debt at 15.1%, trust preferred securities at 0.6% and mandatorily convertible securities at 5%. While Fitch includes short- term debt for the purposes of calculating financial leverage, MET's March 31, 2001, financial leverage and adjusted financial leverage (where certain equity credit is given to more equity like preferred securities) as well as MET's targeted financial leverage, are all consistent with the preliminary senior debt rating assigned. Interest and fixed-charge coverage in the 5 times (x) is considered strong.

Entity/Issue/Type             Action        Rating/Outlook

MetLife, Inc.
--Commercial paper           Assigned        `F1+`/NA;
--Short-term issuer          Assigned        `F1+`/NA;
--Long-term issuer           Assigned        `AA-`/Stable.