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 the defense and military space sectors; efficient operations; and strong overall financial performance, especially solid cash generation and very ample liquidity. Standard&Poor's Ratings Services' ratings also take into account the highly competitive markets in which Boeing participates; the cyclicality of the commercial airplane business; the company's increased, albeit manageable, actions to enhance shareholder value; and its sizable underfunded retiree health care obligations. Chicago-based Boeing is the world's largest aerospace company, with 2007 revenues estimated at $66 billion and a good balance of civil and military activities. In the commercial airplanes segment (about
