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Moody's Ratings issued a statement on Wednesday, lowering Boeing's credit rating from Baa2 to Baa3. The rating outlook is negative.
The statement said that the reduction was applicable to Boeing's senior unsecured debt, reflecting "the underperformance of Boeing's commercial aircraft sector". Poor performance prevented free cash flow generation from reaching the level previously expected by credit rating agencies.
Moody's believes that the negative situation related to this segment will last at least until 2026, and the company's annual free cash flow will be lower than the $4.3 billion debt due in 2025 and the $8 billion debt due in 2026. Moody's expects Boeing to issue new bonds to fund these gaps.
Boeing fell more than 3% after the announcement.
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