NEW YORK (S&P Global Ratings) May. 12, 2025--S&P Global Ratings today assigned its 'BBB+' issue rating to Belrose Funding Trust II 's proposed issuance of precapitalized trust securities (P-Caps). The trust has been set up by Lincoln National Corp. solely for the purpose of issuing P-Caps and must hold the proceeds of the issuance in a portfolio of principal and/or interest strips of U.S. Treasury securities. The P-Caps have 30 years to maturity. This is the second such structure being set up by Lincoln. The company can, at its discretion, issue new senior unsecured notes at a set coupon rate to the trust in exchange for an equal amount of the U.S. Treasuries held by the trust. Those notes would
