Accounting-based capital maintenance is a traditional feature of the Continental-European system of creditor protection, serving as a correlative of the limited liability enjoyed by shareholders of corporations. Due to recent developments at the EU regulatory level, this system has come under...

To include pension obligations in the bond and debt rating process, rating agencies use different methods of financial ratio analysis. We analyze these methods with a special focus on the funding choice for defined benefit pension plans. Our analysis aims at identifying methods that lead to...