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S&P assigns A to Boeing notes
S&P said it assigned its A issue-level rating to Boeing Co.'s proposed $900 million senior unsecured notes.
The company plans to issue the notes in three tranches due 2022, 2027 and 2047, and the agency expects that it will use the proceeds from these notes for general corporate purposes.
S&P said it does not believe that the proposed transaction will significantly alter Boeing's credit metrics, therefore the company’s other ratings are unchanged.
S&P said the ratings reflect Boeing’s position as one of the two global producers of large commercial jetliners and as one of the largest U.S. defense contractors.
“They also reflect the cyclical and competitive nature of the commercial aviation market, the budget pressures affecting U.S. defense spending, and the significant investments required to develop new aircraft,” the agency said in a news release.
“We expect that Boeing's credit ratios, which are currently strong, will deteriorate as the company continues to repurchase significant amounts of its stock.
“However, we believe that the company's credit ratios will remain appropriate for the rating.”
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