Moody's rates Lincoln National notes Baa2

Moody's Investors Service said it assigned a Baa2 debt rating to Lincoln National Corp.'s $300 million issuance of 10-year 4.2% fixed-rate senior unsecured notes.

The notes are a drawdown from a shelf registration filed in January 2012.

Because the company plans to use the proceeds to refinance debt maturing in August 2012, the company's financial leverage is unaffected by the new debt issuance, Moody's said.

The company's Baa2 senior debt rating and A2 insurance financial strength rating of its insurance subsidiaries are based primarily on Lincoln's good market position in individual life insurance, particularly in the high net worth marketplace and on the company's well-diversified core earnings mix, the agency said.

The company also benefits from its established large block of tax-qualified annuities, Moody's said, and its good asset liability.

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