One of two global producers of commercial aircraft, benefiting from a robust backlog; A leading U.S. military contractor, with continued sizable, albeit slowing, U.S. defense outlays expected over the next one to two years; Substantial cash flow generation in most years and ample liquidity, with cash and equivalents of $3.3 billion on Dec. 31, 2008; and Solid financial performance in general. Orders for jetliners expected to be much lower in the near term, with increased customer financing by aircraft manufacturers likely; Significant underfunded pension and retiree health care obligations, with the former affected by poor investment asset returns in 2008; and Operates in highly competitive markets. The ratings on Chicago-based Boeing Co. are supported by the company's position as one
