Fitch rates Lincoln National notes A

Fitch Ratings said it assigned an A rating to Lincoln National Corp.'s issue of $375 million of senior notes due October 2037.

The outlook is stable.

Proceeds will be used by a wholly owned reinsurance subsidiary for backing reserves.

The ratings reflect the company's competitive position, capitalization, asset portfolio, financial flexibility and operating performance, according to Fitch.

Factors that partly offset these strengths, the agency said, include regulatory pressure, competition in the life insurance and asset accumulation sectors, the degree to which the company's earnings are leveraged to the equity markets and integration of the company's acquisition of Jefferson Pilot, which closed in March 2006.

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