One of two global producers of large commercial aircraft. Cyclical commercial market, which is currently experiencing solid demand. One of the five largest U.S. defense contractors, with a likelihood of rising U.S. defense spending. Substantial investments required to develop new commercial aircraft. Credit ratios dipped in 2016 but should return to levels appropriate for the rating. Solid cash generation as aircraft production increases. High level of share repurchases likely to continue in 2017. Exceptional liquidity. Significant postretirement liabilities. S&P Global Ratings' stable outlook on Boeing Co. reflects our expectation that credit measures, while weaker in 2016 than historically, should recover somewhat, with funds from operations (FFO) to debt in the high-40% area in 2017 and more than 50% in 2018
