... to Rating Fitch Ratings views Lincoln National Corporation's (Lincoln) recently announced long-term strategic partnership with Bain Capital as neutral to the company's ratings. Under the agreement, Bain will acquire a 9.9% ownership stake in Lincoln for $825 million in cash, and the two companies have entered into a 10-year investment management agreement whereby Bain will manage a portion of Lincoln's investment portfolio across a variety of asset classes. Assets under management are expected to reach a minimum of $20 billion by the end of the sixth year of the agreement. Fitch views Bain's significant ownership interest as positive, with the additional capital expected to result in a reduction in financial leverage to target levels, which is partially offset by an expected increase over time in the allocation to less-liquid asset classes. The transaction is expected to close in the 2H25. Funding Agreement-Back Notes Program Adds Modest...
