06.08.2012 15:15
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Moody's: Pension terminations mostly credit neutral due to liquidity costs

DRUCKEN
New York, August 06, 2012 -- Pension plan terminations will be mostly credit neutral as they will likely come at a substantial liquidity cost to US companies, says Moody's Investors Service in its new special comment "Pension Terminations: No Free Lunch."

General Motors Company announced in June that it is terminating its US salaried pension plan, which will reduce its reported pension liabilities and assets by $26 billion and permanently relieve itself of future pension liabilities.

"Companies that follow in GM's footsteps will greatly reduce their underfunded pension liabilities and volatility associated with pension assets and liabilities," said Michael Mulvaney, a Moody's managing director and author of the report. "But such measures will likely come at a substantial cost to their liquidity or an increase in leverage. These upfront costs are key to the ultimate credit impact of any termination program."

The costs of terminating a pension plan include fully funding the plan and paying a premium to an insurer to assume the plan risk, the report says. Moody's says its assessment of the transaction's effect on an issuer's credit profile will be primarily focused on the impact on liquidity and leverage relative to the magnitude of the pension assets and liabilities that are removed.

Moody's expects that efforts by corporate issuers to reduce large pension obligations will increase, as obligations distract from core business activity, weaken financial profiles and weigh on the market's perception of a company.

Companies that have taken steps to fully fund their pension plans -- for instance, by closing their pension plans to new entrants or making large discretionary contributions -- would be best positioned to annuitize their plans, Moody's says. Companies that fit this profile and have large benefit obligations relative to their total market capitalization include defense services company Exelis Inc., automaker Ford Motor Company and aircraft manufacturer Boeing Company, according the report.

Life insurance companies are a natural fit for assuming pension risk, which can drive future earnings growth and provide some diversification, Moody's says, noting that insurers Prudential Financial Inc. and MetLife Inc. are well positioned to handle large pension termination transactions.

Moody's research subscribers can access this report at http://www.moodys.com/research/US-Corporates-Pension-Terminations-No-Free-Lunch--PBC_143502.

***

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York+1-212-553-0376, London+44-20-7772-5456, Tokyo+813-5408-4110, Hong Kong+852-3758-1350, Sydney+61-2-9270-8141, Mexico City001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

Michael J. Mulvaney MD - Corporate Finance Corporate Finance Group Moody'sInvestors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653Wesley Smyth VP - Senior Accounting Analyst Corporate Finance Group JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653 Releasing Office: Moody's Investors Service, Inc.250 Greenwich StreetNew York, NY 10007 U.S.A. JOURNALISTS: 212-553-0376 SUBSCRIBERS: 212-553-1653(C) 2012 Moody's Investors Service, Inc. and/or its licensors and affiliates (collectively, "MOODY'S"). All rights reserved.

CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. ("MIS") AND ITS AFFILIATES ARE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND CREDIT RATINGS AND RESEARCH PUBLICATIONS PUBLISHED BY MOODY'S ("MOODY'S PUBLICATIONS") MAY INCLUDE MOODY'S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY'S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL, FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY'S OPINIONS INCLUDED IN MOODY'S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. CREDIT RATINGS AND MOODY'S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY'S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY'S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY'S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.

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Any publication into Australia of this document is by MOODY'S affiliate, Moody's Investors Service Pty Limited ABN 61 003 399 657, which holds Australian Financial Services License no. 336969. This document is intended to be provided only to "wholesale clients" within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY'S that you are, or are accessing the document as a representative of, a "wholesale client" and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to "retail clients" within the meaning of section 761G of the Corporations Act 2001.

Notwithstanding the foregoing, credit ratings assigned on and after October 1, 2010 by Moody's Japan K.K. ("MJKK") are MJKK's current opinions of the relative future credit risk of entities, credit commitments, or debt or debt-like securities. In such a case, "MIS" in the foregoing statements shall be deemed to be replaced with "MJKK". MJKK is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly owned by Moody's Overseas Holdings Inc., a wholly-owned subsidiary of MCO.

This credit rating is an opinion as to the creditworthiness or a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors. It would be dangerous for retail investors to make any investment decision based on this credit rating. If in doubt you should contact your financial or other professional adviser.

Nachrichten zu Boeing Co.

  • Relevant
    7
  • Alle
    +
  • vom Unternehmen
    1
  • Peer Group
  • ?

Um Ihnen die Übersicht über die große Anzahl an Nachrichten, die jeden Tag für ein Unternehmen erscheinen, etwas zu erleichtern, haben wir den Nachrichtenfeed in folgende Kategorien aufgeteilt:

Relevant: Nachrichten von ausgesuchten Quellen, die sich im Speziellen mit diesem Unternehmen befassen

Alle: Alle Nachrichten, die dieses Unternehmen betreffen. Z.B. auch Marktberichte die außerdem auch andere Unternehmen betreffen

vom Unternehmen: Nachrichten und Adhoc-Meldungen, die vom Unternehmen selbst veröffentlicht werden

Peer Group: Nachrichten von Unternehmen, die zur Peer Group gehören

Analysen zu Boeing Co.

  • Alle
  • Buy
  • Hold
  • Sell
  • ?
12.12.2017Boeing overweightJP Morgan Chase & Co.
02.11.2017Boeing HaltenNorddeutsche Landesbank (Nord/LB)
26.10.2017Boeing Sector PerformRBC Capital Markets
04.08.2017Boeing NeutralUBS AG
31.07.2017Boeing overweightJP Morgan Chase & Co.
12.12.2017Boeing overweightJP Morgan Chase & Co.
31.07.2017Boeing overweightJP Morgan Chase & Co.
27.07.2017Boeing buyJefferies & Company Inc.
21.07.2017Boeing buyJoh. Berenberg, Gossler & Co. KG (Berenberg Bank)
14.07.2017Boeing overweightJP Morgan Chase & Co.
02.11.2017Boeing HaltenNorddeutsche Landesbank (Nord/LB)
26.10.2017Boeing Sector PerformRBC Capital Markets
04.08.2017Boeing NeutralUBS AG
27.07.2017Boeing Sector PerformRBC Capital Markets
13.03.2017Boeing Equal-WeightMorgan Stanley
27.04.2017Boeing SellGoldman Sachs Group Inc.
27.04.2017Boeing UnderperformRBC Capital Markets
26.01.2017Boeing SellGoldman Sachs Group Inc.
12.01.2017Boeing UnderperformRBC Capital Markets
27.10.2016Boeing SellGoldman Sachs Group Inc.

Um die Übersicht zu verbessern, haben Sie die Möglichkeit, die Analysen für Boeing Co. nach folgenden Kriterien zu filtern.

Alle: Alle Empfehlungen

Buy: Kaufempfehlungen wie z.B. "kaufen" oder "buy"

Hold: Halten-Empfehlungen wie z.B. "halten" oder "neutral"

Sell: Verkaufsempfehlungn wie z.B. "verkaufen" oder "reduce"
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