Best’s News & Research Service - February 25, 2022 04:54 PM (EST)
AM Best Assigns Issue Credit Rating to Lincoln National Corporation Senior Unsecured Notes
- February 25, 2022 04:54 PM (EST)
Oldwick //BestWire// - AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a-” (Excellent) to the $300 million 3.4% senior unsecured notes, due March 1, 2032 issued by Lincoln National Corporation (LNC) (Fort Wayne, IN). The outlook assigned to this Credit Rating (rating) is stable. LNC’s existing Long-Term Issuer Credit Rating and Long-Term IRs remain unchanged.
Proceeds from the notes will be used toward the partial payment of the $500 million 4% senior unsecured notes, due 2023. This issuance is part of LNC’s overall deleveraging and liability management program to reduce near-term refinancing risk, manage leverage ratios and extend its overall maturity profile. LNC’s financial leverage and coverage metrics remain within AM Best’s guidelines.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
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