S&P gives A- to Lincoln National notes

Standard & Poor's said it assigned its A- senior unsecured debt rating to Lincoln National Corp.'s proposed $300 million senior unsecured notes due 2023.

Lincoln National will use the proceeds from this issuance to prefund senior notes due in 2014.

S&P said the debt rating reflects its A- long-term counterparty credit rating on Lincoln National, which is three notches lower than the ratings on the core operating companies (collectively, Lincoln Financial Group), reflecting the holding company's structural subordination to its regulated insurance subsidiaries.

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