Correction to Fitch Affirms Ratings of MetLife and Affiliates

Business Wire, Oct 17, 2006

CHICAGO -- (This is a correction for the release that went out on Oct. 16 and adds an additional affirmation to the list at the end of the text.)

Fitch Ratings has affirmed the ratings of MetLife, Inc. and its affiliates. The rating action affects approximately $13.4 billion of debt and preferred stock outstanding as of June 30, 2006. The Rating Outlook is Stable.

MetLife's ratings continue to reflect solid balance sheet fundamentals, strong cash-flow generating power and debt service coverage, and very strong financial flexibility.

Fitch's primary rating concern over the past year relates to MetLife's ability to successfully integrate the acquired Travelers operations. Based on Fitch's review and discussions with management, the integration appears to be on track and largely completed for the U.S. operations, and targeted expense savings are being realized. Longer term, the primary challenge for MetLife is leveraging its increased operating scale and expanded distribution to improve earnings, grow revenue, and control expenses.

MetLife's earnings performance in 2006 has been in line with Fitch's expectations. Results in 2006 reflect very strong underwriting results in Institutional Business and very favorable mortality in Individual Life, partially offset by reduced interest margins.

Fitch expects MetLife to maintain statutory capitalization levels within its U.S.-based insurance subsidiaries at approximately 325% of company action level risk-based capital. MetLife has made good progress reducing financial leverage following the Travelers acquisition. Adjusted debt to total capital, excluding non-recourse debt, is expected to trend down toward the company's maximum of 25% by year-end 2006, and was 28% at June 30, 2006. MetLife's equity-adjusted financial leverage ratio was 23% as of June 30, 2006, based on Fitch's new methodology for equity credit for hybrid securities. Fitch expects MetLife to continue to pursue acquisitions on an opportunistic basis to further strengthen its core insurance operation, which will result in short-term increases in financial leverage above the company's target.

MetLife is a holding company and through its subsidiaries and affiliates is a leading provider of insurance and other financial services to individuals and institutional customers.

Fitch affirms the following with a Stable Outlook:

MetLife, Inc.

-- Issuer Default Rating (IDR) 'A+'

-- Floating-rate preferred stock, series A 'A-';

-- Fixed-rate preferred stock series B 'A-';

-- 5.25% senior notes due December 2006 'A';

-- 6.125% senior notes due December 2011 'A';

-- 5.375% senior notes due December 2012 'A';

-- 5% senior notes due November 2013 'A';

-- 5.5% senior notes due June 2014 'A';

-- 5.0% senior notes due 2015 'A';

-- 5.25% Sterling senior notes due 2020 'A'.

-- 5.375% senior notes due December 2024 'A';

-- 6.50% senior notes due December 2032 'A';

-- 5.875% senior notes due November 2033 'A';

-- 6.375% senior notes due June 2034 'A';

-- 5.7% senior notes due 2035 'A';

-- Commercial paper 'F1'.

MetLife Funding, Inc.

-- Commercial paper 'F1+'.

MetLife Capital Trust II

-- Common equity units 'A-'.

MetLife Capital Trust III

-- Common equity units 'A-'.

GenAmerica Capital Trust I

-- Capital securities 'A-'

Metropolitan Life Insurance Company

-- IDR 'AA-';

-- Insurer financial strength (IFS) 'AA';

-- Surplus notes 'A+'.

MetLife Investors Insurance Company

MetLife Insurance Company of Connecticut

MetLife Life & Annuity Company of Connecticut

General American Life Insurance Company

MetLife Investors USA Insurance Company

New England Life Insurance Company

-- IFS 'AA'.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.