The RCS reduction of aerospace structures is of prime interest in defense and aviation. In order to reduce RCS, dielectric coatings are applied over these structures. However, the electromagnetic (EM) characteristics of dielectrics are limited and difficult to manipulate. Contrary to this, electromagnetic (EM) properties of metamaterials can be tailored more flexibly. This necessitates exploring the material properties of metamaterials towards low observability. In this paper, the parametric analysis of perfect electrical conducting (PEC) cylinder with epsilon-negative (ENG) and mu-negative (MNG) type metamaterial coating for both TE and TM polarizations is carried out. It is shown that RCS reduction with ENG and MNG coatings is mainly due to suppression of axial components of electric and magnetic fields.