Corporate credit rating: AA-/Stable/A-1+ Boeing Co. has announced that its Board of Directors has authorized a repurchase of up to 85 million shares, approximately 10% of the company's common stock outstanding, worth $5.8 billion at current prices. The firm plans to complete an existing 146 million share buyback program that began in August 1998, by the end of the year. Standard&Poor's expects the new repurchase program will be executed over time to preserve financial flexibility, with timing depending on cash availability and alternative uses of cash. Although Boeing's announcement has no impact on the rating or outlook, given the company's solid credit profile and strong backlog, it is reflective of the more aggressive financial policy adopted over the
