UAL Corp. (D) and its United Air Lines Inc. (D) subsidiary, a major customer of Boeing Co. (A+/Stable/A-1) and Boeing Capital Corp. (A+/Stable/A-1), filed for bankruptcy protection under Chapter 11 today. Standard&Poor's Ratings Services said this development has no impact on its ratings or outlook on Boeing or Boeing Capital, given Boeing's relatively strong credit profile. At Sept. 30, 2002, Boeing Capital had an exposure of almost $1.3 billion to United Airlines, or about 11% of its asset portfolio. A large majority of that exposure is well secured by Boeing 777 jetliners, which United Airlines is likely to keep flying, with only a relatively small exposure related to transactions in the mid-1990s that has been largely written off.
