Fitch Withdraws Various Ratings on Lincoln Financial Group.CHICAGO -- Fitch Ratings Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has withdrawn several ratings associated with Lincoln Financial Group due to the execution of a series of intra-company transactions early in the second quarter of 2007. The transactions were designed to simplify the company's regulatory reporting and capitalization following its acquisition of Jefferson Pilot Corporation in the first quarter of 2006. Relevant transactions were as follows: --Lincoln JP Holdings LP was liquidated and its assets and obligations were assumed by Lincoln National Corporation Lincoln National Corporation (NYSE: LNC) is a holding company, which operates multiple insurance and investment management businesses through subsidiary companies. LNC was organized under the laws of the state of Indiana in 1968, and maintains its principal executive offices ; --Jefferson Pilot Life Insurance Company was merged into Lincoln National Life Insurance Company; --Lincoln Life & Annuity Company of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of was merged into Jefferson Pilot LifeAmerica Insurance Company (JPLA JPLA Jet Propulsion Laboratory Archives ). JPLA then redomesticated from New Jersey to New York and was renamed Lincoln Life & Annuity Company of New York. Headquartered in Philadelphia, PA, Lincoln National Corp., markets a broad range of insurance and asset accumulation products and financial advisory services primarily to the affluent market segment. On Dec. 31, 2006, the company reported consolidated assets of $178 billion, common equity of $12.2 billion, and $501 billion of individual life insurance in-force. For 2006, LNC LNC Legal Nurse Consultant LNC Libertarian National Committee LNC Low Noise Converter LNC Lloyd Noble Center (University of Oklahoma, Norman campus) LNC Local Node Clock LNC Chief Legalman (Naval Rating) reported consolidated net income of $1.3 billion. Fitch has withdrawn the following ratings: Lincoln JP Holdings, LP --Long-term Issuer Default Rating 'A+'; --Short-term Issuer Default Rating 'F1'. Lincoln Life & Annuity Company of New York (old) --Insurer Financial Strength Rating at 'AA'. Jefferson-Pilot Life Insurance Company --Insurer Financial Strength Rating at 'AA'. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
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