Safeway Inc.’s shares dropped Monday after a Credit Suisse analyst downgraded his rating on the grocery chain, saying it may have a larger-than-expected underfunded liability tied to itspension plans that could cause its costs to rise over time.

THE SPARK: Credit Suisse analyst Edward Kelly said that his firm’s analysis of Safeway’s multi-employer pension plans found a $7 billion pre-tax underfunded liability.

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