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To: Johnny Canuck who wrote (39778)	6/20/2003 9:34:30 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 71575

9:06AM Pension deficits rise to record $239 bln: UBS by Tomi Kilgore NEW YORK (CBS.MW) -- David Bianco, head of valuation and accounting at UBS Investment Research, estimates that the total pension deficit for the S&P 500 reached $239 billion at the end of May -- the highest in history -- versus $212 billion at the end of 2002. Bianco said the deficits have expanded despite strength in the equity markets as "significant" declines in interest rates have raised the value of pension liabilities more than the improvement in asset values. "Pension deficits should still be a serious investor concern, particularly for many industrial, material and consumer discretionary companies," Bianco said in a note to clients. He feels that S&P 500 earnings estimates should be reduced by $2 a share given that "aggressive" long-term pension asset return assumptions are unlikely to be met.