Lincoln National Corp. today announced a capital plan for the repayment of $950 million in TARP CPP, including $335 million in common equity, $250 million in senior debt, and $365 million in cash. Upon the completion of the capital transaction, we believe LNC will maintain substantial excess cash in the near term, which supports strong financial flexibility and is available to further supplement the capital adequacy of its insurance operations. As a result, we have affirmed our ratings on LNC and its subsidiaries and are keeping the outlook at stable. In addition, we have raised the rating on Lincoln National Capital VI and the preliminary rating on LNC's preferred stock to 'BBB' from 'BBB-' to reflect our view that, following
