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 its exceptional liquidity. The ratings also reflect Standard&Poor's Ratings Services' expectations of much improved cash generation starting in 2012 and the gradual strengthening of currently subpar credit protection measures. Although the new 787 and 747-8 airplanes are close to initial deliveries, with the 747-8 recently receiving certification from the Federal Aviation Administration (FAA), there are still risks related to profitably ramping up production. The ratings also take into account risks from the long-term effects of changes in U.S. defense spending and substantial postretirement liabilities. We categorize Boeing's business risk profile
