Lincoln National Corp. Senior Unsecured Notes Rated 'A-'

NEW YORK (Standard&Poor's) March 4, 2015--Standard&Poor's Ratings Services said today that it assigned its 'A-' senior unsecured debt rating to Lincoln National Corp.'s (LNC) $300 million senior unsecured notes due 2025. LNC will use the proceeds from this issuance to repay its 4.30% fixed-rate senior notes maturing on June 15, 2015, as well as for general corporate purposes. The debt rating reflects our 'A-' long-term counterparty credit rating on LNC, which is three notches lower than the ratings on the core operating companies (collectively, Lincoln Financial Group [LFG]), reflecting the holding company's structural subordination to its regulated insurance subsidiaries. In the past three years, LNC received annual dividends and interest on intercompany notes of around $0.8

...NEW YORK (Standard & Poor's) March 4, 2015--Standard & Poor's Ratings Services said today that it assigned its 'A-' senior unsecured debt rating to Lincoln National Corp.'s (LNC) $300 million senior unsecured notes due 2025. LNC will use the proceeds from this issuance to repay its 4.30% fixed-rate senior notes maturing on June 15, 2015, as well as for general corporate purposes. The debt rating reflects our 'A-' long-term counterparty credit rating on LNC, which is three notches lower than the ratings on the core operating companies (collectively, Lincoln Financial Group [LFG]), reflecting the holding company's structural subordination to its regulated insurance subsidiaries. In the past three years, LNC received annual dividends and interest on intercompany notes of around $0.8 billion-$1 billion from its insurance operating entities. LNC currently maintains cash and cash equivalent of more than $500 million, well in excess of the 12-18 months' worth needed for debt service and expenses....

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