mostromarino
Guest
consegne airbus+boeing maggio giugno
http://www.anna.aero/2009/07/10/airbus-and-boeing-deliveries-reach-94pc-in-june/
http://www.anna.aero/2009/07/10/airbus-and-boeing-deliveries-reach-94pc-in-june/
Obbligazioni societarie Monitor Bond Industria Aeronautica Worldwide e Linee Aeree Europee (1 Viewer)
azetaelle
investitore(s)qualificato
Scusa, quali avevi, le 2016 7.25%? A quanto le hai vendute?...non per farmi i fatti tuoi, ma è un titolo che seguo anch'io... 10gg fa sono riuscito strappare in vendita un 89
, e considerando il mio pmc direi 
...
anzi, ne approfitto per ringraziarti visto che a portarmi su questo bond avevano contribuito anche ai tuoi post (oltre ad una certa frequentazione dei siti di aeronautica e ai report di Carmignac)
, e considerando il mio pmc direi ...anzi, ne approfitto per ringraziarti visto che a portarmi su questo bond avevano contribuito anche ai tuoi post (oltre ad una certa frequentazione dei siti di aeronautica e ai report di Carmignac)
Imark
Forumer storico
Scusa, quali avevi, le 2016 7.25%? A quanto le hai vendute?...non per farmi i fatti tuoi, ma è un titolo che seguo anch'io... 10gg fa sono riuscito strappare in vendita un 89
anzi, ne approfitto per ringraziarti visto che a portarmi su questo bond avevano contribuito anche ai tuoi post (oltre ad una certa frequentazione dei siti di aeronautica e ai report di Carmignac)
Sì, le ho vendute a quello stesso prezzo ... in verità, avevo cercato di darle anch'io prima, ma per fortuna non mi aveva preso il prezzo, che era un po' più basso di quello realizzato...
Cmq il 3D continuerà ad essere frequentato, spero, da me di sicuro... resta un emittente da seguire, insieme con le altre del settore....
yellow
Forumer attivo
avanti un altro
si fa dura
...................................
British Airways pushes back A380 deliveries by up to two years
By David Kaminski-Morrow
British Airways is pushing back its Airbus A380 delivery schedule, with some later aircraft being postponed by at least two years.
The UK flag-carrier is also planning to take six more aircraft in its current fleet out of service during the 2010 season.
BA has 12 A380s on order but says it has "extended" the arrival schedule for the first six by an average of five months.
It says, however, that the first A380 is still expected to arrive in spring 2012, ahead of the London Olympic Games.
But the delivery of the final six has been extended by two years, on average, until autumn 2016.
The carrier had originally been expecting to take delivery of four aircraft per year and complete the introduction of all 12 by autumn 2014.
BA has also stated today that it will ground its last three 757-200s in summer 2010 and another three Boeing 747-400s in winter 2010.
All the fleet changes follow a review of BA's business plan in the "challenging economic conditions".
BA is expecting to cut capacity by 3.5% over the summer 2009 season, compared with a previous estimate of 2.5%, and by 5% over winter 2009-10.
In May, BA stated that it would ground 16 aircraft for the upcoming winter, a total of eight 757-200s and eight 747-400s.
http://www.flightglobal.com/articles...two-years.html
__________________
Si tira un sospiro di sollievo ( per un po' di tempo almeno ),
in arrivo ossigeno prezioso che permetterà... :
17.07.09 08:30 - Ba: annuncia aumento di capitale da 600 mln stg
LONDRA (MF-DJ)--British Airways ha annunciato che intende effettuare un aumento di capitale da 600 milioni di sterline.
I fondi saranno raccolti in parte attraverso l'emissione di un bond convertibile da 300 milioni di sterline
e per la restante parte tramite finanziamenti bancari
e serviranno ad aumentare la liquidita' della compagnia aerea.
17.07.09 08:59 - Ba: Ceo, cosi' allontaniamo speculazioni su nostra solidita'
LONDRA (MF-DJ)--L'aumento di capitale annunciato questa mattina da British Airways permettera' alla societa' di guadagnare una posizione piu' solida e di allontanare le speculazioni secondo cui sarebbe a rischio.
Lo ha dichiarato il Ceo Willie Walsh. L'aumento di capitale "mette a dormire tutte quelle voci secondo cui Ba sarebbe soggetta a chissa' quale rischio di breve termine" ha precisato il dirigente nel corso di una conference call.
"Cio' ci permette di avere una posizione molto solida Rispetto ai competitor" ha poi commentato il manager, aggiungendo che "Ba sta facendo tutte le cose giuste e le sta facendo prima dei rivali".
mostromarino
Guest
Boeing warns on Dreamliner losses
By Hal Weitzman in Chicago
Boeing’s troubled 787 Dreamliner looks unlikely to make a profit for at least two years after its first delivery, as the aircraft-maker warned on Wednesday that the programme could make a loss in its initial stages.
The manufacturer is poised to announce the details of the fifth delay to the 787 programme after discovering weaknesses in the structure where the wings join the body. Although it has repeatedly stressed the fault can be fixed using a relatively minor technical solution, Boeing is gearing up for significant financial implications because of the cost of solving the problem and penalties to customers.
The company warned on Wednesday that the latest delay could eat into its projections for $68bn-$69bn in revenues this year and revealed that it was sitting on nearly $8bn of inventory for the project, which is running more than two years behind schedule.
Boeing said it was still working out how to fix the fault and did not yet have a new timetable for the programme or know the cost of solving the problem, although it promised to give that information before the end of September.
James Bell, chief financial officer, said: “Up to the point of the side-of-body issue, our assessment was that the programme was not in a loss position. The cumulative impact of schedule delays – including the current one being assessed – is obviously putting pressure on the programme’s profitability.”
Robert Spingarn, an analyst at Credit Suisse in New York, said: “It was interesting that they’re finally addressing the possibility of a forward loss. We’ve thought a forward loss is possible but do not think it would be declared until the third quarter. I don’t expect them to book a profit on the 787 for at least the first couple of years.”
Boeing is suffering as the global economic downturn hits air travel: it lost 41 orders for 787s in the past three months and received only 13 new orders, leaving it with firm orders for 850 aircraft. It continues to face other problems: the aircraft-maker was forced this month to take over a key supplier in an effort to gain tighter control of the production process.
The problems with the 787 have raised questions about the company’s management. Jim McNerney, chief executive, batted away suggestions that there was a lack of accountability within Boeing.
The comments came as Boeing reported net profit in the second quarter well ahead of Wall Street expectations. Net income for the quarter was $998m or $1.41 per share, up from $852m or $1.16 per share last time and ahead of expectations of $1.21 per share.
Financial Times
By Hal Weitzman in Chicago
Boeing’s troubled 787 Dreamliner looks unlikely to make a profit for at least two years after its first delivery, as the aircraft-maker warned on Wednesday that the programme could make a loss in its initial stages.
The manufacturer is poised to announce the details of the fifth delay to the 787 programme after discovering weaknesses in the structure where the wings join the body. Although it has repeatedly stressed the fault can be fixed using a relatively minor technical solution, Boeing is gearing up for significant financial implications because of the cost of solving the problem and penalties to customers.
The company warned on Wednesday that the latest delay could eat into its projections for $68bn-$69bn in revenues this year and revealed that it was sitting on nearly $8bn of inventory for the project, which is running more than two years behind schedule.
Boeing said it was still working out how to fix the fault and did not yet have a new timetable for the programme or know the cost of solving the problem, although it promised to give that information before the end of September.
James Bell, chief financial officer, said: “Up to the point of the side-of-body issue, our assessment was that the programme was not in a loss position. The cumulative impact of schedule delays – including the current one being assessed – is obviously putting pressure on the programme’s profitability.”
Robert Spingarn, an analyst at Credit Suisse in New York, said: “It was interesting that they’re finally addressing the possibility of a forward loss. We’ve thought a forward loss is possible but do not think it would be declared until the third quarter. I don’t expect them to book a profit on the 787 for at least the first couple of years.”
Boeing is suffering as the global economic downturn hits air travel: it lost 41 orders for 787s in the past three months and received only 13 new orders, leaving it with firm orders for 850 aircraft. It continues to face other problems: the aircraft-maker was forced this month to take over a key supplier in an effort to gain tighter control of the production process.
The problems with the 787 have raised questions about the company’s management. Jim McNerney, chief executive, batted away suggestions that there was a lack of accountability within Boeing.
The comments came as Boeing reported net profit in the second quarter well ahead of Wall Street expectations. Net income for the quarter was $998m or $1.41 per share, up from $852m or $1.16 per share last time and ahead of expectations of $1.21 per share.
Financial Times
Imark
Forumer storico
MyAir aveva ordini per 15 CRJ 1000 NextGen
Bombardier order at risk after Myair.com's suspension Vicenza, Italy - For 15 CRJ-1000 NextGen aircraft
(WAPA) - Canadian manufacturer Bombardier is observing the situation involving Italian airline Myair.com, to which the national civil aviation authority (ENAC) has tonight suspended the license (see AVIONEWS). The carrier has in fact an order for 15 Bombardier CRJ-1000 standing.
"We cannot speculate on the possible outcome -Marc Duchense, Bombardier spokesman, stated- and we'll assess the situation and proceed accordingly as more information comes available". The low-cost airline is facing serious fiscal and financial problems, and is waiting for investors for a recapitalisation that might save it.
The Bombardier CRJ-1000 NextGen, currently being developed, is the biggest aircraft of this series produced by the Canadian industry: it can carry up to 100 passengers. It is 39.13 meters long and has a wingspan of 26.18 meters; it's range is of 2,761 km and it has a ceiling of 12,496 meters. The CRJ-1000 can fly at a top speed of 1,040 km/h, powered by two GE CF34-8C5A1 engines. (Avionews)
Bombardier order at risk after Myair.com's suspension Vicenza, Italy - For 15 CRJ-1000 NextGen aircraft
(WAPA) - Canadian manufacturer Bombardier is observing the situation involving Italian airline Myair.com, to which the national civil aviation authority (ENAC) has tonight suspended the license (see AVIONEWS). The carrier has in fact an order for 15 Bombardier CRJ-1000 standing.
"We cannot speculate on the possible outcome -Marc Duchense, Bombardier spokesman, stated- and we'll assess the situation and proceed accordingly as more information comes available". The low-cost airline is facing serious fiscal and financial problems, and is waiting for investors for a recapitalisation that might save it.
The Bombardier CRJ-1000 NextGen, currently being developed, is the biggest aircraft of this series produced by the Canadian industry: it can carry up to 100 passengers. It is 39.13 meters long and has a wingspan of 26.18 meters; it's range is of 2,761 km and it has a ceiling of 12,496 meters. The CRJ-1000 can fly at a top speed of 1,040 km/h, powered by two GE CF34-8C5A1 engines. (Avionews)
Imark
Forumer storico
Bombardier però per ora non procede sulla strada dei tagli produttivi o del rallentamento delle attività che occorrono alla produzione dei nuovi modelli, neanche nel segmento più travagliato, quello della produzione dei business jets.
Va tenuto d'occhio il ritmo con cui consumeranno cassa nei prossimi trimestri, insieme con i dati sull'andamento delle vendite e degli ordini...
Bombardier revving up plans for all-composite Learjet 85 despite slow business jet market
By Ross Marowits (CP) – 2 days ago
MONTREAL — Bombardier says the development of its new Learjet 85 is progressing as planned, despite challenges in the overall business jet market.
The world's third-largest aircraft manufacturer said it has achieved many key milestones as it prepares to enter the plane into service in 2013.
The Learjet 85 will be Bombardier's first jet made exclusively from lightweight composite materials and the first such business jet designed for certification under the U.S. Federal Aviation Administration.
"We have completed over 60 significant program milestones as proofpoints to our progress," said program vice-president Ralph Acs.
He said Bombardier has firm agreements with all major suppliers and plans are progressing as planned for facility expansions in Wichita, Ka., and Mexico.
A second version of the concept fuselage has been completed along with successful wind-tunnel testing, said the Montreal-based company's aerospace division.
Bombardier said it is focused on strengthening its leadership in the business jet market by introducing new products, such as the Learjet 85, despite enduring production curtailments and layoffs.
While it has maintained its program, Cessna last week scrapped its Columbus jet because of economic uncertainty.
Waning demand for business planes has forced manufacturers to lay off thousands of employees as they reduce production to match lower demand. Bombardier has announced 4,360 employees will be laid off in Canada, the United States and Northern Ireland.
The company has trimmed its 10-year industry forecast for business jet deliveries by nearly 15 per cent from last year because of the global economic slump.
With its varied product line, Bombardier typically captures more than half the business jet market.
The company has received 60 firm orders for the new mid-size business jet and is proceeding with plans to ensure it can enter into service as planned.
Meanwhile, Bombardier wouldn't comment specifically on recommendations from the U.S. National Safety Transportation Board resulting from last year's crash of a Learjet 60 that killed four and injured former Blink-182 drummer Travis Barker.
Investigators examining the fiery wreckage found that the thrust reversers - devices on the back of jet engines that divert their thrust forward, helping to slow a plane or force it backward - were not in the right position.
Changing the design of the thrust reversing system on the Learjet 60 to make its operation more intuitive could potentially help avert such deadly crashes, the NTSB wrote as one of its six recommendations.
"Right now we're just reviewing the recommendations," spokeswoman Haley Dunne said in an interview.
Analyst Cam Doerksen of Versant Partners said it's still early to determine how successful the Learjet 85 will be, even though the economic slowdown is affecting all business jet orders.
"It's an aircraft that's going to be in production for a long time so no business jet manufacturer is making a decision to build or not build a plane based on a three-year time horizon," he said in an interview.
While there are indications the market isn't worsening, Doerksen said there aren't many signs of improvement. There's still large used aircraft inventories and manufacturers have newly built planes to sell.
"We're a long way from seeing any kind of rebound in orders and deliveries. I think it's going to be several years."
The Learjet 85's main structural manufacturing and pre-assembly will be done in new buildings in Mexico, while a site expansion in Wichita will assemble the aircraft.
The plane's outside mould has been finalized and detailed design is set to start later this year.
Bombardier said the Learjet program is benefiting from "best practices and principles" from the CSeries aircraft program regarding the composite wings. The CSeries 110-to 149-seat commercial jet is also expected to enter into service in four years.
Launched in October 2007, the Learjet 85 will be Bombardier's first jet made exclusively from lightweight composite materials and the first such business jet designed for certification under the U.S. Federal Aviation Administration.
The aircraft is powered by two Pratt & Whitney Canada engines. It will have a range of up to 5,556 nautical kilometres and travel at a cruising speed of Mach 0.82.
Bombardier shares gained four cents at $3.63 in trading on the Toronto Stock Exchange.
Va tenuto d'occhio il ritmo con cui consumeranno cassa nei prossimi trimestri, insieme con i dati sull'andamento delle vendite e degli ordini...
Bombardier revving up plans for all-composite Learjet 85 despite slow business jet market
By Ross Marowits (CP) – 2 days ago
MONTREAL — Bombardier says the development of its new Learjet 85 is progressing as planned, despite challenges in the overall business jet market.
The world's third-largest aircraft manufacturer said it has achieved many key milestones as it prepares to enter the plane into service in 2013.
The Learjet 85 will be Bombardier's first jet made exclusively from lightweight composite materials and the first such business jet designed for certification under the U.S. Federal Aviation Administration.
"We have completed over 60 significant program milestones as proofpoints to our progress," said program vice-president Ralph Acs.
He said Bombardier has firm agreements with all major suppliers and plans are progressing as planned for facility expansions in Wichita, Ka., and Mexico.
A second version of the concept fuselage has been completed along with successful wind-tunnel testing, said the Montreal-based company's aerospace division.
Bombardier said it is focused on strengthening its leadership in the business jet market by introducing new products, such as the Learjet 85, despite enduring production curtailments and layoffs.
While it has maintained its program, Cessna last week scrapped its Columbus jet because of economic uncertainty.
Waning demand for business planes has forced manufacturers to lay off thousands of employees as they reduce production to match lower demand. Bombardier has announced 4,360 employees will be laid off in Canada, the United States and Northern Ireland.
The company has trimmed its 10-year industry forecast for business jet deliveries by nearly 15 per cent from last year because of the global economic slump.
With its varied product line, Bombardier typically captures more than half the business jet market.
The company has received 60 firm orders for the new mid-size business jet and is proceeding with plans to ensure it can enter into service as planned.
Meanwhile, Bombardier wouldn't comment specifically on recommendations from the U.S. National Safety Transportation Board resulting from last year's crash of a Learjet 60 that killed four and injured former Blink-182 drummer Travis Barker.
Investigators examining the fiery wreckage found that the thrust reversers - devices on the back of jet engines that divert their thrust forward, helping to slow a plane or force it backward - were not in the right position.
Changing the design of the thrust reversing system on the Learjet 60 to make its operation more intuitive could potentially help avert such deadly crashes, the NTSB wrote as one of its six recommendations.
"Right now we're just reviewing the recommendations," spokeswoman Haley Dunne said in an interview.
Analyst Cam Doerksen of Versant Partners said it's still early to determine how successful the Learjet 85 will be, even though the economic slowdown is affecting all business jet orders.
"It's an aircraft that's going to be in production for a long time so no business jet manufacturer is making a decision to build or not build a plane based on a three-year time horizon," he said in an interview.
While there are indications the market isn't worsening, Doerksen said there aren't many signs of improvement. There's still large used aircraft inventories and manufacturers have newly built planes to sell.
"We're a long way from seeing any kind of rebound in orders and deliveries. I think it's going to be several years."
The Learjet 85's main structural manufacturing and pre-assembly will be done in new buildings in Mexico, while a site expansion in Wichita will assemble the aircraft.
The plane's outside mould has been finalized and detailed design is set to start later this year.
Bombardier said the Learjet program is benefiting from "best practices and principles" from the CSeries aircraft program regarding the composite wings. The CSeries 110-to 149-seat commercial jet is also expected to enter into service in four years.
Launched in October 2007, the Learjet 85 will be Bombardier's first jet made exclusively from lightweight composite materials and the first such business jet designed for certification under the U.S. Federal Aviation Administration.
The aircraft is powered by two Pratt & Whitney Canada engines. It will have a range of up to 5,556 nautical kilometres and travel at a cruising speed of Mach 0.82.
Bombardier shares gained four cents at $3.63 in trading on the Toronto Stock Exchange.
mostromarino
Guest
Subject: Publicbb: BONDS - Upcoming new issue *** PX Whisper: Boeing
Company USD***
ct5 +130
ct10 +150
ct30 +170
Issuer....................The Boeing Company "BA"
Rating....................A2/A+/A+ (stable/watch neg/neg outlook)
Size......................$1.5bln Maturity..................5.5yr
(2/15/15) | 10.5yr (2/15/20) | 30.5yr (2/15/40) Jt
Books..................BAS/DB/MS
Passive...................BOTM/MIZU/SUMI | BARC/CALY/WFC |
RBS/CS/BNP
Co Mgrs...................TBD
Format....................SEC-registered; senior unsecured notes
Use Of Proceeds...........To Repay debt, repurchase stock, for
acquisitions,
working capital, capex, pension funding and to fund
subsidiaries (See Red).
Denominations.............2,000 x 1,000
Settle....................T+3
B&D.......................MS
THE ISSUER HAS FILED A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS)
WITH THE SEC FOR THE OFFERING TO WHICH THIS COMMUNICATION RELATES.
BEFORE YOU INVEST, YOU SHOULD READ THE PROSPECTUS IN THAT REGISTRATION
STATEMENT AND OTHER DOCUMENTS THE ISSUER HAS FILED WITH THE SEC FOR MORE
COMPLETE INFORMATION ABOUT THE ISSUER AND THIS OFFERING. YOU MAY GET
THESE DOCUMENTS FOR FREE BY VISITING EDGAR ON THE SEC WEB SITE AT
WWW.SEC.GOV. ALTERNATIVELY, THE ISSUER, ANY UNDERWRITER OR ANY DEALER
PARTICIPATING IN THE OFFERING WILL ARRANGE TO SEND YOU THE PROSPECTUS IF
YOU REQUEST IT BY CALLING TOLL-FREE 1-800-294-1322 OR YOU MAY E-MAIL A
REQUEST TO [email protected]. ANY LEGENDS,
DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO
THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH LEGENDS, DISCLAIMERS
OR OTHER NOTICES HAVE BEEN AUTOMATICALLY GENERATED AS A RESULT OF THIS
COMMUNICATION HAVING BEEN SENT VIA BLOOMBERG OR ANOTHER SYSTEM.
------------------------------------------------------------------------
Company USD***
ct5 +130
ct10 +150
ct30 +170
Issuer....................The Boeing Company "BA"
Rating....................A2/A+/A+ (stable/watch neg/neg outlook)
Size......................$1.5bln Maturity..................5.5yr
(2/15/15) | 10.5yr (2/15/20) | 30.5yr (2/15/40) Jt
Books..................BAS/DB/MS
Passive...................BOTM/MIZU/SUMI | BARC/CALY/WFC |
RBS/CS/BNP
Co Mgrs...................TBD
Format....................SEC-registered; senior unsecured notes
Use Of Proceeds...........To Repay debt, repurchase stock, for
acquisitions,
working capital, capex, pension funding and to fund
subsidiaries (See Red).
Denominations.............2,000 x 1,000
Settle....................T+3
B&D.......................MS
THE ISSUER HAS FILED A REGISTRATION STATEMENT (INCLUDING A PROSPECTUS)
WITH THE SEC FOR THE OFFERING TO WHICH THIS COMMUNICATION RELATES.
BEFORE YOU INVEST, YOU SHOULD READ THE PROSPECTUS IN THAT REGISTRATION
STATEMENT AND OTHER DOCUMENTS THE ISSUER HAS FILED WITH THE SEC FOR MORE
COMPLETE INFORMATION ABOUT THE ISSUER AND THIS OFFERING. YOU MAY GET
THESE DOCUMENTS FOR FREE BY VISITING EDGAR ON THE SEC WEB SITE AT
WWW.SEC.GOV. ALTERNATIVELY, THE ISSUER, ANY UNDERWRITER OR ANY DEALER
PARTICIPATING IN THE OFFERING WILL ARRANGE TO SEND YOU THE PROSPECTUS IF
YOU REQUEST IT BY CALLING TOLL-FREE 1-800-294-1322 OR YOU MAY E-MAIL A
REQUEST TO [email protected]. ANY LEGENDS,
DISCLAIMERS OR OTHER NOTICES THAT MAY APPEAR BELOW ARE NOT APPLICABLE TO
THIS COMMUNICATION AND SHOULD BE DISREGARDED. SUCH LEGENDS, DISCLAIMERS
OR OTHER NOTICES HAVE BEEN AUTOMATICALLY GENERATED AS A RESULT OF THIS
COMMUNICATION HAVING BEEN SENT VIA BLOOMBERG OR ANOTHER SYSTEM.
------------------------------------------------------------------------
Imark
Forumer storico
S&P mette Boeing in osservazione per un abbassamento del rating... preannuncia altre emissioni di bond nel 2009.
[FONT=Arial, Helvetica, sans-serif]Boeing Co.'s Proposed $1.5Bil. Senior Notes Rated 'A+'; On Watch Neg[/FONT].
NEW YORK (Standard & Poor's) July 23, 2009--Standard & Poor's Ratings Services today assigned its 'A+' rating to Boeing Co.'s proposed offering of $1.5 billion senior notes and placed the rating on CreditWatch with negative
implications. We expect that Boeing will issue three tranches of notes with maturities in 2015, 2020, and 2040. The company will issue the notes as a drawdown on the company's existing rule 415 unlimited shelf registration and
will use the proceeds for general corporate purposes.
Our long-term ratings on Boeing remain on CreditWatch, where we placed them with negative implications on April 10, 2009. The 'A-1' short-term rating is not on CreditWatch. We would most likely limit any lowering of the long-term ratings to one notch, and we expect to resolve the CreditWatch listing in the next several weeks.
In resolving the CreditWatch listing, we will consider the risks related to the development of the midsize 787
jetliner, which is two years behind schedule, the possibility of further production cuts due to airline order deferrals and cancellations, the potential for higher customer financing needs, the long-term effect of changes in U.S. defense spending, and pension funding requirements.
On July 22, 2009 the company announced second-quarter 2009 net income from continuing operations of about $1 billion, up 17% from the 2008 quarter (which included a $248 million charge) on slightly higher revenues. The quarter's results were generally consistent with our expectations. Boeing did not update the schedule for the first flight and first delivery of the 787 or indicate the financial effect of any additional delays. As of June 30, 2009, the company had $4.6 billion in cash and equivalents and expects to generate $2.5 billion in cash from operations in 2009.
[FONT=Arial, Helvetica, sans-serif]Boeing Co.'s Proposed $1.5Bil. Senior Notes Rated 'A+'; On Watch Neg[/FONT].
NEW YORK (Standard & Poor's) July 23, 2009--Standard & Poor's Ratings Services today assigned its 'A+' rating to Boeing Co.'s proposed offering of $1.5 billion senior notes and placed the rating on CreditWatch with negative
implications. We expect that Boeing will issue three tranches of notes with maturities in 2015, 2020, and 2040. The company will issue the notes as a drawdown on the company's existing rule 415 unlimited shelf registration and
will use the proceeds for general corporate purposes.
Our long-term ratings on Boeing remain on CreditWatch, where we placed them with negative implications on April 10, 2009. The 'A-1' short-term rating is not on CreditWatch. We would most likely limit any lowering of the long-term ratings to one notch, and we expect to resolve the CreditWatch listing in the next several weeks.
In resolving the CreditWatch listing, we will consider the risks related to the development of the midsize 787
jetliner, which is two years behind schedule, the possibility of further production cuts due to airline order deferrals and cancellations, the potential for higher customer financing needs, the long-term effect of changes in U.S. defense spending, and pension funding requirements.
On July 22, 2009 the company announced second-quarter 2009 net income from continuing operations of about $1 billion, up 17% from the 2008 quarter (which included a $248 million charge) on slightly higher revenues. The quarter's results were generally consistent with our expectations. Boeing did not update the schedule for the first flight and first delivery of the 787 or indicate the financial effect of any additional delays. As of June 30, 2009, the company had $4.6 billion in cash and equivalents and expects to generate $2.5 billion in cash from operations in 2009.