Standard&Poor's Ratings Services' ratings remain on CreditWatch with negative implications following the company's announcement of fiscal fourth quarter earnings (see list below). Earnings, which continue to be depressed by economic weakness, largely reflected in the electronics business, included: impairment and restructuring charges totaling $2.8 billion pretax (most of which had previously been announced and is associated with downsizing the telecommunications business; of the total, $2.2 billion is noncash); a minor restatement of the previous three quarters' earnings related to the recognition of upfront fees received in the security business; and a $400 million noncash charge for increased pension liabilities. Management does not anticipate any major additional writedowns in the near term. The company remains in compliance with bank
