One of two global producers of large commercial aircraft. Cyclical commercial market, which is currently experiencing strong demand. One of the five-largest U.S. defense contractors, but U.S. defense spending is declining. Substantial investments required to develop new commercial aircraft. Credit ratios that are better than average for the rating, but we expect them to moderate. Solid cash generation as aircraft production increases. Large increase in share repurchases likely in 2014. Exceptional liquidity. Significant postretirement liabilities. The stable outlook reflects Standard&Poor's Ratings Services belief that increasing commercial airplane deliveries should offset declines in the defense business and result in modest revenues and earnings growth for Boeing Co. during the next few years, though margins will likely modestly deteriorate. Cash
