On March 18, 2003, Standard&Poor's Ratings Services placed its ratings, including the 'A+' long-term corporate credit rating, on Boeing Co. on CreditWatch with negative implications. The 'A-1' short-term corporate credit and commercial paper ratings on Boeing were affirmed and are not on CreditWatch. The CreditWatch placement stems from a looming war with Iraq, which is likely to have a significant impact on commercial aviation. Earlier on March 18, Standard&Poor's placed its ratings on 11 U.S. and European airlines on CreditWatch with negative implications. The airline industry and its original equipment and aftermarket suppliers already face a very challenging operating environment, especially in the U.S. That environment is likely to deteriorate further, at least in the near
