Lincoln Financial Group (LFG) has a very strong competitive position and very strong capitalization. We are affirming our ratings on LFG and core operating subsidiaries, as well as assigning an 'A-' issue rating on Lincoln National Corp.'s (LNC) proposed issuance of up to $500 million in senior notes due 2030. The outlook is stable because we project that LFG can maintain current levels of capital while integrating Liberty Life Assurance Co. of Boston into its operations and increasing its market share in fixed indexed and structured variable annuities. On Aug. 12, 2019, S&P Global Ratings affirmed its 'AA-' long-term issuer credit and financial strength ratings on Lincoln National Life Insurance Co., Lincoln Life&Annuity Co. of New York, and
