Summary: Boeing Co.

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 flat. Substantial investments required to develop new commercial aircraft. Credit ratios that are better than average for the assessment, but we expect them to moderate. Solid cash generation as aircraft production increases. High level of share repurchases likely to continue in 2015 and 2016. Exceptional liquidity. Significant postretirement liabilities. The stable outlook reflects Standard&Poor's Ratings Services belief that increasing commercial airplane deliveries should offset weakness in the defense business and result in modest revenues and earnings growth for Boeing Co. over the next two years. Cash generation

...Outlook The stable outlook reflects Standard & Poor's Ratings Services belief that increasing commercial airplane deliveries should offset weakness in the defense business and result in modest revenues and earnings growth for Boeing Co. over the next two years. Cash generation should remain strong as production increases and 787 inventory stops growing, then begins to decline. However, the high level of share repurchases will likely result in moderate deterioration in credit ratios from the current strong levels....

Summary