FINANCIAL INSTITUTIONSISSUER COMMENT 25 January 2016RATINGSMETLIFE, INC. (MET) Moodys SR Unsecured Rating A3Moodys Outlook RURBond-Implied Rating1 A3CDS-Implied Rating Baa3EDF-Implied Rating Ba1As of 1/20/2016ContactsAllerton G. Smith 212-553-4058 Sr Dir-Sr Research Analyst allerton.smith@moodys.comABOUT CAPITAL MARKETS RESEARCHAnalyses from Moodys Capital Markets Research, Inc. (CMR) focus on explaining signals from the credit and equity markets. The publications address whether market signals, in the opinion of the groups analysts, accurately reflect the risks and investment opportunities associated with issuers and sectors. CMR research thus complements the fundamentally-oriented research offered by Moodys Investors Service (MIS), the rating agency.CMR is part of Moodys Analytics, which is one of the two operating businesses of Moodys Corporation. Moodys Analytics (including CMR) is legally and organizationally separated from Moodys Investors Service and operates on an arms length basis from the ratings business. CMR does not provide investment advisory services or products.View the CMR FAQ Contact the CMR team Follow us on TwitterMoodys Analytics markets and distributes all Moodys Capital Markets Research, Inc. materials. Moodys Capital Markets Research,Inc. is a subsidiary of Moodys Corporation. Moodys Analytics does not provide investment advisory services or products.For further detail, please see the last page.Market Signals ReviewMetLife, Inc.: Market-Implied Ratings Return to Levels of a Year Ago Each of MetLife, Inc.s market-implied ratings moved its own way over the last 12 months, and then returned to its level of January 21, 2015.One year ago the bond-implied rating was A3 (Figure 1). It moved up to A2 on several occasions, and dipped to Baa1 once (August 24, 2015). In the last few days it returned to A3 once again from A2.The CDS-implied rating was Baa2 on January 21, 2105. It improved to Baa1 on many dates between early-June and early-September 2015. It declined to Baa3 in early January 2016, but recovered to Baa2 this week.The EDFTM-implied rating was Ba1 one year ago, moved up to Baa3 for two short periods in June and July 2015, and then settled back at the Ba1 again, where it remains.FIGURE 1. METLIFE, INC.: MOODYS AND MARKET-IMPLIED RATINGS LAST 12 MONTHS (DAILY OBSERVATIONS)MOODY'S ANALYTICS FINANCIAL INSTITUTIONS2 25 January 2016 Market Signals Review: MetLife, Inc.: Market-Implied Ratings Return to Levels of a Year AgoOver the last 30 days, Moodys placed METs debt ratings under review for possible downgrade, the bond-implied rating fell, the CDS-implied rating advanced, and the EDF-implied rating was unchanged. These developments reflect some differences of opinion regarding MetLifes planned organizational changes to confront the higher capital requirements on certain lines of business due to its classification as a Systemically Important Financial Institution...
