NEW YORK (Standard&Poor's) April 23, 2003--Boeing Co. reported operating earnings of $540 million (excluding goodwill impairment charges but including customer financing portfolio charges) for the first quarter ended March 31, 2003, compared with $902 million for the same quarter of 2002. Standard&Poor's Ratings Services said its ratings, including the 'A+' corporate credit rating, on Boeing and Boeing Capital Corp. remain on CreditWatch with negative implications, where they were placed on March 18, 2003. Lower profits reflect primarily fewer jetliner deliveries and reduced pension income, which was partially offset by the continued solid performance and growth of the integrated defense systems (IDS) segment. Boeing reported negative free cash flow of $558 million in the 2003 first quarter,
