Weak aeroplane delivery figures this week could deliver another blow to its credit outlook
Workers building an F-15 fighter jet, at Boeing’s factory in St. Louis. The manufacturere, linchpin of the US defence business and survivor of a century of turbulence in the aviation industry, is facing a once-unthinkable prospect: having its debt rating cut to junk.
Boeing’s leadership has stressed the importance of maintaining investment-grade status, and investors and analysts expect the company to avoid a downgrade if at all possible. Investors noted that Boeing’s bonds are already trading between the bottom of the investment-grade world and the top of the high-yield ladder, in a sign of its challenges to date and the changes made to its credit rating.
A ratings committee would “weigh heavily” a scenario in which Boeing’s deliveries, and therefore its free cash flow, do not improve over the course of the year, said Moody’s analyst Jonathan Root.
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