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BULLETIN: Unocal Takes $330 Million Charge Related to Pensions Oct 02 Product Image

BULLETIN: Unocal Takes $330 Million Charge Related to Pensions Oct 02

  • Published: October 2002
  • Standard & Poors

Standard & Poor's Ratings Services said today that its ratings and outlook on Unocal Corp. (BBB+/Stable/A-2) are not affected by the announcement in the company's form 8-K filed Oct. 25, 2002, that Unocal may take an estimated after-tax charge of about $330 million related to its pension plan. The combination of negative returns on plan assets combined with a lower discount rate used to assess its pension liability will likely result in a net pension liability at Dec. 31, 2002 requiring the write-off of the plan's assets on the balance sheet and recognition of the liability that exists in excess of plan assets. At this time, the change in pension funding status should not act as a material drain on...

Companies mentioned in this report are: Unocal Corp.
Action: S&P Event

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Unocal Corp.

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