It manages $11.1 billion in assets (as of 6.30.07) on behalf of retirement programs, insurance companies, mutual funds, individual qualified and non-qualified plans, and institutional investors.

Second, some companies appear on the list solely because foreign subsidiary and non-qualified plans, for which the P.B.G.C. bears no liability, were included in the study.

However, there are several mitigants for CBS, including a large portion of its under-funded status (approximately 50%), which is related to non-qualified plans that are not subject to Pension Protectionism Act (PPA) pre-funding requirements.

As previously stated by Fitch, this does not represent a material credit concern, as a large portion (approximately $525 million) is related to non-qualified plans that do not need to be pre-funded in accordance with the PPA and therefore should not represent incremental cash outflows over the intermediate term.