On March 16, 2006, Standard&Poor's Ratings Services assigned its 'A-' preliminary senior debt, 'BBB+' preliminary subordinated debt, and 'BBB' preliminary preferred stock ratings to Lincoln National Corp.'s (NYSE:LNC; A-/Watch Pos/A-2) universal shelf, which was filed on March 14, 2006. At the same time, Standard&Poor's placed these ratings on CreditWatch with positive implications. The preliminary ratings are on CreditWatch positive because the ratings on LNC and its operating subsidiaries were placed on CreditWatch positive following its Oct. 10, 2005, announcement of its intention to merge with Jefferson Pilot Corp. (NYSE:JP). The new shelf has an undesignated notional amount in accordance with the new SEC rules effective Dec. 1, 2005. Under the terms of the shelf, LNC is
