Lincoln National Corp. is being downgraded by yet another ratings service. Fitch Ratings has downgraded the life insurer and its insurance operating subsidiaries as a result of the company's exposure to the economic crisis, MarketWatch reports.
Fitch downgraded Lincoln's issuer default rating from A+ to A, with a rating outlook of negative.
"[Lincoln's] earnings declined significantly in 2008 relative to previous years primarily as a result of significant realized losses and impairments of structured securities, corporate bonds and preferred stocks held in the general accounts of the company's insurance operating companies," Fitch said in a statement.
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