The ratings on Chicago-based Boeing Co. reflect Standard&Poor's Ratings Services' expectations that revenues, earnings, and cash flow will increase materially over the next two years as the company increases production on most aircraft models and works down the inventory of 787 and 747-8 jetliners. However, there are risks related to increasing production, both at Boeing and in the supply chain, which could constrain the expected improvements, especially on cash flow. In addition, we believe that Boeing is likely to resume share repurchases in the next 12 to 18 months, which could also constrain the improvement in credit ratios. We categorize Boeing's business risk profile as "strong," reflecting its position as one of two global producers of large commercial
