About one-third of Bombardier's roughly $9.5-billion in pension assets were invested in the stock market at the end of 2019...
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April 7, 2020 - by DAVID MILSTEAD for www.theglobeandmail.com
"Given the massive drop in bond yields on government bonds, pension deficits should rise significantly, precisely at the wrong time when companies may have to face a potential economic downturn," says Dimitry Khmelnitsky, an analyst at Veritas Investment Research Corp. who has authored the company's reports on pension health at TSX-listed companies.
Bombardier has long been known for its pension challenges – it closed 2019 with a pension deficit of more than $2.5-billion in Canadian dollars, the biggest among Canadian companies by more than $800-million. Its funding ratio was just under 79 per cent, according to the S&P data.
The company has been trying to fix its balance sheet with the announced sale of its Bombardier Transportation business to Alstom; about $1.3-billion of the unfunded liability will go to Alstom in the transaction, spokeswoman Jessica McDonald said...
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