The ratings on Boeing Co. are supported by the company's position as one of two global producers of large commercial aircraft; a very strong position in defense and military space sectors; efficient operations; and strong overall financial performance, especially solid cash generation and very ample liquidity. The ratings also take into account highly competitive markets, cyclicality of the commercial airplane business, and sizable underfunded retiree health care obligations. Chicago-based Boeing is the world's largest aerospace firm, with 2007 revenues estimated at $65 billion and a good balance of civil and military activities. In the commercial airplanes segment (about 50% of revenues and a similar proportion of operating earnings), very strong orders from 2005 to 2007 because of a generally healthier
