...Airbus SE's updated guidance following its results for third-quarter 2022 do not represent a material deviation from S&P Global Ratings' base case for 2022-2023. The group now aims for about 4.5 billion of free cash flow before M&A and customer financing, versus the previous target of about 3.5 billion, and it continues to target about 700 commercial aircraft deliveries and 5.5 billion of company-adjusted EBIT. Management noted a favorable foreign-currency mix, with the strengthening U.S. dollar supporting top-line growth. Still, we think the group's success hinges on timely aircraft deliveries and predelivery payments, alongside favorable working capital flows, persistent high inflation (across labor markets, raw materials, energy, and transport), and ongoing supply chain disruption, among other operating headwinds. Although Airbus' 2022 cash flow could outperform our base case, the upside would fall short of a higher rating unless we saw continued recovery in the wider commercial aerospace...
