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ARCHIVE | Criteria | Financial Institutions | General: Financial Institutions Pension And Other Postretirement Benefits Dec 06
Standard & Poors, Dec 2006
Abstract
Standard & Poor's Ratings Services views deficits under employer-sponsored defined-benefit pension and other postretirement benefit (PRB) arrangements as amounts that should be included in the net assets of the sponsoring financial institution, rather than being left off the balance sheet. Accordingly, we adjust our capital measures-notably, adjusted common equity (ACE) and adjusted total equity (ATE)--for institutions that do not fully reflect these deficits in their financial statements. In our analysis, we net the positions of the company's plans, both those in surplus and those in deficit. PRB arrangements may be funded in whole or in part by the sponsoring employer through a trust, an insurance contract, assets earmarked for benefit payments, or other prefunding arrangements. In certain jurisdictions, or for...
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.
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