Fitch warns asset-backed pension schemes face downgrade

Fitch Ratings has warned that European companies face credit rating downgrades if they offer asset-backed guarantees for their defined benefit pension schemes.

In a new report on European pensions, Fitch said: "the dedication of company assets through asset-backed pension guarantees may structurally subordinate senior unsecured bondholders by restricting access to corporate assets upon insolvency".

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Europe Draws Up Retaliatory Tariffs for U.S. Goods in Case No Trade Deal Is ReachedExternal link

Europe Draws Up Retaliatory Tariffs for U.S. Goods in Case No Trade Deal Is Reached