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 $300 million of new long-term senior notes, maturing in 2012.

The outlook is stable.

Moody's said that management plans to use the entire proceeds to refinance short-term debt and for general corporate purposes.

Since no new net debt will be outstanding after this transaction is completed, Moody's said that the issuance will have little impact on the company's financial flexibility.

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