Nearly half of the $700 billion increase in corporatepension liabilities since 2008resulted from falling interest rates, according to Moody'sInvestors Service.

In a new report, Moody's said that while U.S. nonfinancialcorporate pension liabilities “increasedsignificantly over the past several years,” by some $703 billion,to an estimate of $2.1 trillion by the end of this year, much ofthat increase came from lower discount rates—$342 billion, infact.

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