Fitch Ratings said in a new report on Monday that U.S. local government pension liabilities vary largely for the more than 1,000 local governments it rates, as each government's pension situation varies.

The new Governmental Accounting Standard Board's standards set to take effect over the next two years are a "step in the right direction toward better transparency and comparability of government pension liabilities," the rating agency also said in statement.

Fitch added it does not expect any major rating changes due to these new pension accounting standards.

(Reporting by Caryn Trokie; Editing by James Dalgleish)