Moody's rates Lincoln National notes A3

Moody's Investors Service said it assigned an A3 senior unsecured debt rating to Lincoln National Corp.'s (senior debt at A3) issuance of $375 million of new long-term senior notes, maturing in 2037.

The outlook is stable.

The agency said that Lincoln National intends to use the net proceeds to fund a new wholly owned insurance subsidiary to reinsure a portion of statutory reserves required under Actuarial Guideline 38.

Moody's said that Lincoln National's ratings are based on its improved market position in individual life insurance, particularly in the high-net-worth marketplace and its diversified earnings mix, which has been enhanced by the merger with Jefferson Pilot.

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