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BULLETIN: Unocal Takes $330 Million Charge Related to Pensions Oct 02
Standard & Poors, Oct 2002
Abstract
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
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: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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