Lincoln National Corp. issued $300 million senior unsecured notes to retire $275 million in capital securities that became redeemable in April 2011. We assigned our 'A-' senior debt rating to the notes. NEW YORK (Standard&Poor's) June 23, 2011--Standard&Poor's Ratings Services said today that it assigned its 'A-' senior debt rating to Lincoln National Corp.'s (LNC's) $300 million 4.85% senior unsecured notes due 2021. LNC will use the proceeds from this issuance to redeem $275 million of 6.75% fixed-rate capital securities due in 2066 that became redeemable in April 2011. LNC has three rated insurance operating companies: Lincoln National Life Insurance Co. (AA-/Stable/--), Lincoln Life&Annuity Co. of NY (AA-/Stable/--), and First Penn-Pacific Life Insurance Co.
