Belgacom, the Belgian telecoms company, may see its credit ratings fall as a result of  transferring its pension fund to the state in the run up to an IPO.

Standard & Poor's, the ratings agency, on Tuesday placed Belgacom's AA long-term and A-1  short-term credit ratings on CreditWatch with negative implications. Leandro de Torres Zabala, an analyst at S&P, said: "As a result of the forthcoming IPO and pension fund transfer, Belgacom will leverage its balance sheet to levels beyond previous expectations."

Belgacom pension fund transfer threatens credit rating

Piers Townsend

Belgacom

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