UBS Global Asset Management said its U.S. Pension Fund Fitness Tracker, a quarterly estimate of the overall health of a typical U.S. defined benefit pension plan, shows pension funding ratios increased 6 percentage points during the first quarter, to 84% as of March 31.

The UBS AG unit attributed the increase to higher discount rates, which led to a lower present value of pension liabilities.

Corporate credit spreads widened while interest rates rose, leading to a higher corporate bond yield curve and pension discount rate, the unit said Friday.

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