S&P: Lincoln National notes A-

Standard & Poor’s said it assigned an A- senior unsecured debt rating to Lincoln National Corp.’s $300 million senior unsecured notes due 2025.

The proceeds will be used from this issuance to repay its 4.3% fixed-rate senior notes due June 15, 2015 and for general corporate purposes, S&P said.

The agency said it believes stable insurance cash flows and Lincoln’s access to external credit facilities provide ample coverage of non-contingent short-term financial obligations and liquidity needs at the holding company.

S&P said it expects total financial leverage to remain less than 30% in the next few years with fixed-charge coverage of about 8x.

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