On Nov. 4, 2008, Standard&Poor's Ratings Services revised its outlook on Lincoln National Life Insurance Co. and Lincoln Life and Annuity Co. of New York to stable from positive. At the same time, Standard&Poor's revised its outlook on the holding company, Lincoln National Corp. (LNC), to negative from stable. In addition, Standard&Poor's affirmed its 'AA' counterparty credit and financial strength ratings on Lincoln National Life Insurance Co. and Lincoln Life and Annuity Co. of New York, its 'AA-' counterparty credit and financial strength ratings on First Penn-Pacific Life Insurance Co. (collectively referred to as LFG), and its 'A+' counterparty credit rating on LNC. The stable outlook on LFG reflects the strength and diversity of
