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MoreBack to News Headlines
Ratings agencies warn of downgrade if Boeing strike prolonged

Ratings agencies warn of downgrade if Boeing strike prolonged

Al Jazeera
Friday, September 13, 2024 7:12 PM GMT

Boeing’s management will likely need to access new sources of liquidity in the event of a prolonged strike.

Fitch Ratings and Moody’s have joined S&P Global Ratings in warning that a prolonged strike at Boeing’s factories on the United States West Coast may lead to a ratings downgrade, a headache for the plane maker, which is saddled with massive debt.

“If the current strike lasts a week or two, it is unlikely to pressure the rating. However, an extended strike could have a meaningful operational and financial impact, increasing the risk of a downgrade,” Fitch said on Friday.

Moody’s warned of a downgrade if Boeing issues debt alongside any equity raised to meet its liquidity requirements, including the money it needs to retire about $12bn of debt maturities from now to the end of 2026.

Moody’s currently rates the aircraft maker at “Baa3” while Fitch has a “BBB-” rating — both a notch above junk status.

More than 30,000 workers walked off their jobs at Boeing on Friday after rejecting a proposed contract, halting production of its 737 MAX jet, the company’s main cash cow.

Read full story on Al Jazeera
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