NEW YORK (Standard & Poor's) Oct. 16, 2002--Standard & Poor's Ratings Services said today that it lowered its counterparty credit and financial strength ratings on Thrivent Financial for Lutherans and its subsidiary, Lutheran Brotherhood Variable Insurance Products Co., to double-'A' from double-'A'-plus because of the companies' exposure to the financial markets through its equity-related products and its investment portfolio, which have produced lower-than-expected earnings. Standard & Poor's also said that the outlook on these companies (collectively referred to as Thrivent Financial) is stable. "The ratings reflect the fraternal benefit society's very strong niche business position, very strong liquidity, and extremely strong capitalization," said Standard & Poor's credit analyst JosT Siber=n. Standard & Poor's expects Thrivent Financial to continue to improve
