One of two global producers of commercial aircraft, benefiting from a robust backlog and improving demand A leading U.S. military contractor Exceptional liquidity, with cash and short-term investments of $10.5 billion as of Dec. 31, 2010 Substantial cash generation likely starting in 2012, as deliveries increase of new and existing jetliners Prolonged developmental delays on the 787 and 747-8 planes will reduce 2011 cash flow Increasing pressures on defense spending Significant underfunded pension and retiree health care obligations resulting in subpar, albeit improved, credit protection measures The ratings on Chicago-based Boeing Co. reflect its position as one of two global producers of large commercial aircraft and one of the largest U.S. defense contractors, and exceptional liquidity. The ratings also reflect
