Moody’s Investors Service has reduced the senior debt rating of a large financial services company to Baa1, from A3.

Moody’s, New York, has imposed that cut on Lincoln National Corp., Radnor, Pa.

Moody’s also has cut the insurance financial strength rating on Lincoln Life Insurance Company to A1, from Aa3.

The cut was due in part to Lincoln’s weakened profitability and expected further investment losses, Moody’s says.

The variable annuity and pension operations are highly sensitive to stock market risk, Moody’s says.

Moody’s says the company’s “underlying earnings capacity remains good.”