The ratings on Chicago-based 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 reflect Standard&Poor's Ratings Services' expectations of substantial cash generation starting in 2012 and gradual strengthening of currently subpar, albeit improved, credit protection measures. Although 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 profile as modest. The recovering global economy has
