The ratings on Chicago-based Boeing Co. are supported by the company's position as one of two global producers of large commercial aircraft; a strong position in the defense and military space sectors; and solid overall financial performance, including good cash generation in most years and 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; and the company's sizable underfunded pension and retiree health care obligations. Boeing is the world's largest aerospace company, with 2009 revenues estimated at $68 billion-$69 billion and a good balance of civil and military activities. In the commercial airplanes segment (about 50% of total revenues and operating earnings),
