(See below for a detailed listing of companies and Long- and Short-Term IRs.) The ratings reflect MetLife's balance sheet strength, which AM Best assesses as strong, as well as its strong operating performance, very favorable business profile and appropriate enterprise risk management (ERM). MetLife's strong balance sheet strength assessment is supported by its consolidated holding company view of capital adequacy that is enhanced by the financial flexibility and the liquidity of its ultimate parent (MetLife, Inc.), which historically has maintained steady levels of excess liquidity. Additionally, there has been a long-term trend toward reduced liability risk on MetLife's balance sheet, related to equity and interest rate risk as MetLife's product portfolio changes over time. MetLife's financial leverage and interest coverage is at appropriate levels for the ratings.