Pension piggy banks run dry
Pension deficits are creeping up on many companies, says a report by Dresdner Kleinwort Wasserstein, and with S&P assessing the effect on credit of any shortfalls, some firms could be in for a nasty surprise.
Shortfalls in pension schemes may cause serious credit problems for some companies, according to German bank Dresdner Kleinwort Wasserstein.
In mid-September Dresdner published a report entitled ‘Focus on pension liabilities shortfalls’ in which Rik Fennema, the bank’s industrials analyst, highlighted eight companies from a sample of 47 with pension funding shortfalls of more than one times the company’s annual earnings, which according to the bank is the most meaningful measure of
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