...Pension Deficits - Rising Life Expectancy a Greater Threat to Corporates than Low Interest Rates Low rates have been the main factor behind big increases in corporate pension deficits in the UK and Germany. Rates are however expected to increase in the medium term, which will at least partially reverse the deteriorating deficits. An increase in longevity beyond what has already been factored into expected pension obligations, however, would lead to an increase in deficits and would be highly unlikely to be reversed. European-Based Brewers Results Dashboard 1H15 Currency weakness in the key markets of Brazil and Russia as well as weak demand in the US and western Europe is putting pressure on brewers Anheuser-Busch Inbev (ABI) and Carlsberg. We do not expect this to lead to rating actions in the near term, due to our expectation of healthy free cash-flow margins and a cautious approach to M&A, but if the negative trends continue into 2016 the brewers' ratings could be affected. EMEA Chemicals...
