Postretirement Obligations Manageable for European Banks and Insurers May 03

Standard & Poors, May 2003

Abstract
As European financial services companies present their results for 2002, some are showing that the sustained equity market decline has led to pension deficits growing significantly or appearing for the first time. As part of its ratings process, Standard & Poor's monitors the effect of postretirement obligations (PRO), on the ratings of European financial services companies. These obligations are principally comprised of pension obligations, but also include other postretirement obligations, such as retiree medical and life insurance liabilities. Although reported net pension liabilities have risen significantly for some companies, Standard & Poor's does not expect to make any rating changes on banks or insurers in the immediate future solely on the back of currently reported pension obligations. Nevertheless, increasing pension...

Companies mentioned in this report are:
- Sweden (Kingdom of)
- France (Republic of) (Unsolicited Ratings)
- United Kingdom (Unsolicited Ratings)
- Italy (Republic of) (Unsolicited Ratings)
- Swiss Confederation (Unsolicited Ratings)
- Ireland (Republic of)
- Netherlands (The) (State of) (Unsolicited Ratings)
- Portugal (Republic of)

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.

- Sweden (Kingdom of)
- France (Republic of) (Unsolicited Ratings)
- United Kingdom (Unsolicited Ratings)
- Italy (Republic of) (Unsolicited Ratings)
- Swiss Confederation (Unsolicited Ratings)
- Ireland (Republic of)
- Netherlands (The) (State of) (Unsolicited Ratings)
- Portugal (Republic of)

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