AM Best Assigns Issue Credit Rating to Lincoln National Corporation's Forthcoming Senior Unsecured Notes

AM Best has assigned a Long-Term Issue Credit Rating of "a-" to the forthcoming $500 million 3.05% senior unsecured notes due Jan. 15, 2030, to be issued by Lincoln National Corporation (LNC) (Fort Wayne, IN). The outlook assigned to the Credit Rating (rating) is stable. LNC's existing Long-Term Issuer Credit Rating and Long-Term IRs are unchanged.

The senior notes are being issued in order to refinance upcoming maturities, through a partial cash tender offer. The company intends to use the balance of the proceeds for general corporate purposes. AM Best notes that LNC's financial leverage remains below 30%. AM Best views LNC's debt-servicing capabilities as adequate, with sufficient liquidity to service its debt, a well-laddered debt maturity structure, neutral interest coverage ratios and financial leverage ratios that remain within AM Best's guidelines for the company's current ratings.

LNC's ratings also recognize its demonstrated track record of strong and relatively stable operating earnings, despite highly competitive market conditions in the United States and the continuation of the historically low interest rate environment.

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 Understanding Best's Credit Ratings. For information on the proper media use of Best's Credit Ratings and AM Best press releases, please view Guide for Media - Proper Use of Best's Credit Ratings and AM Best Rating Action Press Releases.

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