One of two global producers of commercial aircraft, benefiting from a robust backlog; A leading U.S. military contractor; Ample liquidity, with cash and equivalents of $9.2 billion as of Dec. 31, 2009; and Substantial cash generation likely starting in 2011 after the 787 jetliner is scheduled to begin deliveries to airline customers. Orders for jetliners expected to be low again in 2010; Significant, albeit reduced, underfunded pension liabilities and substantial retiree health care obligations; and Operates in highly competitive markets. The ratings on Boeing Co. reflect its position as one of two global producers of large commercial aircraft and one of the largest U.S. defense contractors, as well as significant liquidity. The ratings also incorporate Standard&Poor's Ratings Services'
