Boeing Co. (A+/Stable/A-1) reported net earnings (before nonrecurring items, but including a $158 million after tax-charge associated with reductions in commercial aircraft values) of $375 million for the third quarter ended Sept. 30, 2002, compared with $713 million for the same quarter of 2001. Standard&Poor's Ratings Services said Boeing's results, revised guidance for 2003, and likely recognition (in fourth-quarter 2002) of a significant noncash charge related to pension plans have no impact on its ratings or outlook on Boeing or Boeing Capital Corp. (A+/Stable/A-1). The existing ratings have some cushion, given Boeing's relatively strong credit profile following a February 2002 downgrade. Lower profits stem from fewer deliveries of jetliners, due to depressed conditions in the airline industry, and
