Boeing Isn't Junk Status — Yet: Moody's Outlook On Aircraft Maker Goes Negative
Boeing Isn't Junk Status — Yet: Moody's Outlook On Aircraft Maker Goes Negative
Boeing Co.'s (NYSE:BA) problems continue as Moody's Ratings downgraded the plane-maker's credit score.
波音公司。”由于穆迪评级下调了这家飞机制造商的信用评分，s（纽约证券交易所代码：BA）的问题仍在继续。
What Happened: Moody's lowered the score on Boeing's unsecured debt to Baa3 from Baa2, according to a report published Wednesday. Ba2 is the lowest possible investment-grade rating.
发生了什么：根据周三发布的一份报告，穆迪将波音无抵押债务的评分从Baa2下调至Baa3。Ba2 是可能的最低投资级评级。
The negative rating outlook concludes a review initiated on March 26. Moody's cited Boeing's failure to meet expected levels of free cash flow generation due to underperformance in its flagship commercial airplanes segment.
负面评级展望结束了3月26日启动的审查。穆迪指出，由于旗舰商用飞机领域的表现不佳，波音未能达到预期的自由现金流产生水平。
The agency highlighted that this underperformance will likely impact Boeing's ability to meet upcoming debt maturities in 2025 and 2026.
该机构强调，这种表现不佳可能会影响波音在2025年和2026年偿还即将到期的债务的能力。
Why It Matters: Boeing brass likely saw this coming as they're currently reeling from a long list of quality-control issues.
为何重要：波音高管可能认为会出现这种情况，因为他们目前正面临着一长串的质量控制问题。
- Two tragic crashes weigh heavily on the aircraft company's public image as well as its stock price.
- Documented issues with the 737's tail fittings, rivets and fasteners
- And a door plug blowout on a 737-9
- 两起悲惨的坠机事故严重影响了这家飞机公司的公众形象及其股价。
- 记录在案的 737 尾部接头、铆钉和紧固件存在的问题
- 还有 737-9 的门插头井喷了
While a Baa3 rating from Moody's means Boeing is still considered "investment-grade," a lower rating would mean that it's a "speculative" play — so-called "junk" status.
尽管穆迪的Baa3评级意味着波音仍被视为 “投资级”，但较低的评级将意味着它是一种 “投机” 游戏——所谓的 “垃圾” 地位。
Factors that could lead to further downgrade include continued poor performance in the commercial airplanes segment, recurring reliance on debt markets, insufficient growth in aircraft deliveries, weakened liquidity and lack of improvement in financial metrics.
可能导致进一步下调评级的因素包括商用飞机板块表现持续不佳、经常依赖债务市场、飞机交付量增长不足、流动性减弱以及财务指标缺乏改善。
Boeing isn't the only high-profile downgrade as of late.
波音并不是最近唯一一家备受瞩目的降级。
Moody's on April 18 reduced its outlook for direct lending funds managed by major private equity firms — BlackRock Inc., KKR & Co. and Oaktree Capital Management — to negative from stable.
穆迪于4月18日将主要私募股权公司——贝莱德公司、KKR和Oaktree Co.和Oaktree Capital Management——管理的直接贷款基金的前景从稳定下调至负面。
Before that, the firm cut New York Community Bancorp to Ba2 from Baa3.
在此之前，该公司将纽约社区银行从Baa3削减至Ba2。
Moody's also downgraded the entire U.S. in November, citing fiscal challenges.
穆迪还以财政挑战为由在11月下调了整个美国的评级。
What's Next: Boeing's liquidity is expected to remain sufficient, although Moody's predicts the company will likely issue new debt to bolster its cash position and manage its maturity profile through 2026.
下一步是什么：波音的流动性预计将保持充足，尽管穆迪预测该公司可能会在2026年之前发行新债以增强其现金状况并管理其到期日状况。
Arlington, Virginia-based Boeing operates in three principal business segments, including its flagship commercial airplanes unit. Revenue totaled $77.8 billion for 2023.
总部位于弗吉尼亚州阿灵顿的波音公司在三个主要业务领域开展业务，包括其旗舰商用飞机部门。2023 年的总收入为 778 亿美元。
The company is reportedly selling certain defense assets and foresees slower 787 production due to supplier shortages.
据报道，该公司正在出售某些国防资产，预计由于供应商短缺，787的产量将放缓。
BA Price Action: Boeing closed Wednesday at $164.33 a share, down 2.87%.
英国航空价格走势：波音周三收于每股164.33美元，下跌2.87％。
Now Read: Does Boeing's Q1 Earnings Beat Offer A Buy-The-Dip Opportunity While Investors Stay Bearish?
立即阅读：在投资者保持看跌的同时，波音第一季度的收益是否提供了逢低买入的机会？
Image: Midjourney
图片：Midjourney
译文内容由第三方软件翻译。