March 14 - Standard & Poor's Ratings Services said today that the Federal Reserve's objection to MetLife Inc.'s (NYSE:MET; A-/Negative/A-2) 2012 capital distribution plan does not affect the ratings on MET. As a bank holding company, MET was required to participate in the 2012 Comprehensive Capital Analysis and Review, and is winding down and selling the banking operations that give it its bank holding company structure. Our rating on MET reflects considerable strengths, but capitalization remains a relative weakness to the rating. Debt leverage has improved and holding company cash reserves have grown, but minimal statutory earnings were retained in the combined U.S. operating subsidiaries to fund growth. MET far exceeded our expectation of $7.8 billion generally accepted accounting principles-adjusted EBITDA in 2011 due to derivative gains, but should generate about $8 billion adjusted EBITDA prospectively, or about 6x fixed-charge coverage.