  Consider a sequence of continuous-time Markov chains $(X^{(n)}_t:t\ge 0)$
evolving on a fixed finite state space $V$. Let $I_n$ be the level two large
deviations rate functional for $X^{(n)}_t$, as $t\to\infty$. Under a hypothesis
on the jump rates, we prove that $I_n$ can be written as $I_n = I^{(0)} \,+\,
\sum_{1\le p\le q} (1/\theta^{(p)}_n) \, I^{(p)}$ for some rate functionals
$I^{(p)}$. The weights $\theta^{(p)}_n$ correspond to the time-scales at which
the sequence of Markov chains $X^{(n)}_t$ exhibit a metastable behavior, and
the zero level sets of the rate functionals $I^{(p)}$ identify the metastable
states.
