S&P: Boeing unchanged

Standard & Poor's said that the announcement of further delays on Boeing Co.'s (A+/stable/A-1) 787 jetliner will not affect its ratings or outlook on Boeing.

First flight of the 787 is now planned for the fourth quarter of 2008 rather than the second quarter, with initial deliveries in the third quarter of 2009 instead of the first quarter, the agency said.

Boeing aims to deliver about 25 787 airplanes in 2009, compared to about 100 originally, with a more gradual ramp-up in the next few years than it had planned, and S&P said it does not expect the delays to materially affect forecast earnings per share in 2008 and 2009, which are benefiting from solid performances in all business segments.

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