The Treatment Of Pension Obligations In The Ratings Process For European Sovereigns May 06

Standard & Poors, May 2006

Abstract
In almost all countries, the sovereign is directly responsible for old-age benefits for central government employees. In most countries, the sovereign is also responsible for at least a portion of the old-age benefits for the rest of the public sector, the poor, the entire employed population, or a combination of these. In European countries, sovereign coverage of old-age benefits tends to be extensive, although in many cases programs differ for private sector employees and public sector employees, and also for different categories of employees within these broad groups. Benefits provided by these programs vary widely, from basic pensions or means-tested assistance to broad defined-benefit unfunded pension schemes servicing private sector employees (also known as Pay-As-You-Go or PAYGO). Funding also differs,...

Companies mentioned in this report are:
- Hungary
- Slovak Republic
- Poland (Republic of)
- Latvia (Republic of)
- Lithuania (Republic of)
- Estonia (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.

- Hungary
- Slovak Republic
- Poland (Republic of)
- Latvia (Republic of)
- Lithuania (Republic of)
- Estonia (Republic of)

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