Hybrids Plummet, Private Credit Booms, Pensions Dive: Credit Chat
FICC Focus
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Is the Discount Rate Affecting Cash Flows?
With Boeing it's a little different because they're not contributing any cash to it. They actually kind of did backdoor equity insurance a couple years ago when they effectively issued stock to help fund their pension obligations. So Moody's and S&P include the liabilities in their debt, whereas Fitch views it more like you said is a cash flow item and they don't see that being an issue on a go for basis.
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