NEW YORK (S&P Global Ratings) Dec. 5, 2016--S&P Global Ratings said today that it has assigned its 'A-' senior unsecured debt rating to Lincoln National Corp.'s expected senior notes issuance. The debt offering of approximately $400 million of senior notes due 2026 will be issued in conjunction with a tender offer and expected redemption of $325 million in principal of senior debt that is currently outstanding. The net impact on leverage will be an increase of about $75 million, which is about 0.5% of Lincoln's economic capital adjusted of about $12.6 billion as of Sept. 30, 2016. Coverage should improve slightly going forward as we expect the interest on the new note will be lower than the redeemed portion of
