The effect of unfunded pension liabilities on corporate bond ratings, default risk, and recovery rate

Unfunded pension liabilities lower ratings of non-senior secured bonds but do not affect ratings of senior secured bonds due to their higher seniority. Pension funding improvement (deterioration) is associated with bond rating upgrade (downgrade). Moreover, large unfunded liabilities increase bond d...

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Veröffentlicht in:	Review of quantitative finance and accounting 2014-11, Vol.43 (4), p.781-802
Hauptverfasser:	Wang, F. Albert, Zhang, Ting
Format:	Artikel
Sprache:	eng
Schlagworte:	Accounting/Auditing Bankruptcy reorganization Bond ratings Capital structure Corporate bonds Corporate Finance Corporate sponsorship Credit rating Credit ratings Debt service Default Defined benefit plans Econometrics Economic recovery Economics and Finance Excise taxes Finance Funding Investment decision Investments Investors Operations Research/Decision Theory Original Research Pension plan funding Pensions Ratings & rankings Risk exposure Seniority Studies Tax rates Underfunded pension plans
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