Moody’s turns Omers view to negative

Moody's said it changed Omers Administration Corp.’s outlook changed to negative.

“The change in outlook to negative from stable reflects the deterioration in Omers' funding profile since the onset of the pandemic crisis. On a Moody's-adjusted basis, the pension manager's funding ratio fell to 58% as of Dec. 31, 2020, from 70% as of the same period the year prior. Declines in market interest rates during 2020 caused the deterioration in our view of Omers' funding health, because lower rates increased the pension manager's pension obligation according to our calculation,” the agency said in a press release.

Moody’s also affirmed Omers’ Aa1 issuer and senior unsecured ratings.

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