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, and exceptional liquidity. The ratings also incorporate Standard&Poor's Ratings Services' expectations of improved profitability in 2010, substantial cash generation starting in 2011, and gradual strengthening of currently subpar credit protection measures. While the new 787 and 747-8 airplanes are closer to initial deliveries, there are still risks related to testing and certification. The ratings also take into account risks from the long-term effects of changes in U.S. defense spending and substantial postretirement liabilities. We view Boeing's business risk profile as strong and its financial risk as modest. The recovering global economy has
