S&P ups Lincoln National outlook to stable

Standard & Poor's said that it revised its outlook on Lincoln National Corp. and the insurance operations to stable from negative.

The agency also said that it affirmed its AA- counterparty credit and financial strength ratings on the insurance operations and the A- counterparty credit rating on the company.

In addition, S&P said it lowered its rating on Lincoln National's preferred stock to BBB- from BBB.

"We revised the outlook to stable to reflect its view of the improved operating-company capitalization," said S&P credit analyst Jeff Watson.

"The group's capitalization has been under pressure as a result of weak equity and credit markets as well as sizeable operating dividends to Lincoln National in recent months, which were necessary to meet certain debt obligations."

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