Lincoln Financial Group's (LFG) competitive rankings and operating performance have slipped, and we expect they'll remain at a level commensurate with 'A+' rated peers'. We lowered by one notch our ratings on LFG, including Lincoln National Corp. and its core operating subsidiaries, Lincoln National Life Insurance Co. and Lincoln Life&Annuity Co. of New York. We affirmed our ratings on LFG's subsidiary First Penn-Pacific Life Insurance Co. (FPP). The outlook is stable, reflecting our view that the group will maintain very strong capital while rebuilding its profitability in the wake of substantial repricing. On Nov. 3, 2022, S&P Global Ratings lowered its long-term issuer credit rating on Lincoln National Corp. (LNC) to 'BBB+' from 'A-'. At the same time,
