The ratings on Boeing Co. reflect its position as one of two global producers of large commercial aircraft and one of the largest U.S. defense contractors, as well as significant liquidity. Our concerns include the possibility of further production cuts due to weak airline demand for new jetliners, although a large backlog should be an important mitigant. While the 787 and 747-8 airplanes are closer to initial deliveries, there are still risks related to their testing and certification. The ratings also take into account risks from the long-term effect of changes in U.S. defense spending and substantial postretirement liabilities. The lingering effects of the global recession, the credit crisis, lower demand for air travel, and airline capacity cuts caused a
