S&P gives Lincoln National notes A-

S&P said it rated Lincoln National Corp.'s $1.1 billion issuance of senior notes A-.

The agency said it expects $300 million of the capital raise to prefund upcoming 2018 maturities.

An additional estimated amount of $300 million will finance the make-whole of a senior note that is set to mature in 2019.

Finally, the remaining net issuance of $500 million will finance the recently announced acquisition of Liberty Life Assurance Co. of Boston.

Given the planned reduction in share buy-backs, S&P said it expects Lincoln's overall financial risk profile to remain supportive of the ratings.

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