The counterparty credit rating on Lincoln National Corp. (LNC) is based on the company's strong, diversified cash flows from its well-positioned businesses, top-tier market positions in its key insurance segments, and extremely strong capitalization at both the operating companies and the holding company. Adding to these strengths, the acquisition in April 2006 of the Jefferson Pilot Companies (JP) and its integration into LNC's operating unit, the Lincoln Financial Group (LFG), brings a greater diversity of regulated and unregulated cash flows, a stronger presence in key markets, and the addition of well-capitalized operating companies. In addition, JP has been known for its expense efficiency, and LFG should leverage these efficiencies fairly rapidly within its own similar business lines. Offsetting these strengths
