Boeing Faces Junk Rating As Moody's Warns Of 'Execution Risk' During Strike
Boeing Faces Junk Rating As Moody's Warns Of 'Execution Risk' During Strike
The Boeing Company's (NYSE:BA) credit rating may be lowered to junk as a strike stands to cripple production and cash flow.
波音公司（紐交所：BA）的信用評級可能會被降級爲垃圾級別，因爲罷工有可能導致生產和現金流受損。
Aircraft assembly workers walked off the job early Friday morning after rejecting a contract offer presented by Boeing and the International Association of Machinists and Aerospace Workers (IAM) that would have boosted wages by 25% over four years.
航空器裝配工人在星期五早上拒絕了波音和國際機械師及航空航天工人協會（IAM）提出的一份合同要約，該合同將在四年內將工資提高25%。
The striking machinists produce the 737 Max, Boeing's top-selling airliner, the 777 jet and the 767 cargo plane. The walkout likely will not stop production of Boeing 787 Dreamliners, which are built by nonunion workers in South Carolina, the Associated Press reported.
罷工的機械師負責生產波音最暢銷的飛機，包括737 Max、777客機和767貨機。據美聯社報道，罷工可能不會影響波音787夢想飛機的生產，因爲這些飛機是由南卡羅來納州的非工會工人制造的。
Jefferies aerospace analyst Sheila Kahyaoglu estimated a 30-day strike could cost Boeing $1.5 billion.
傑富瑞航空分析師謝拉·卡哈約盧估計，罷工持續30天可能會給波音造成15億美元的損失。
Moody's Investment Ratings on Friday said it will look at how a prolonged strike may impact Boeing's ability to raise cash and make the 737 and 787 models.
穆迪投資評級機構週五表示，將評估長期罷工對波音籌集資金和製造737和787機型的影響。
Read Also: Boeing Worker's 'Strike At Midnight' Threatens Aircraft Production As Financial Risks Loom After 30,000 Workers Vote For Industrial Action
閱讀更多：波音工人『午夜罷工』威脅飛機生產，金融風險隨着3萬名工人投票支持工業行動而逼近
"In our review, we will assess the strike's duration and impact on cash flow and the potential equity capital raising Boeing may undertake to bolster its liquidity," Moody's said.
穆迪表示：「在我們的審查中，我們將評估罷工的持續時間和對現金流的影響，以及波音可能採取的增加股本的行動以增強流動性。」
"We will also assess the extent to which the strike and ongoing challenges in increasing production of the 737 and 787 aircraft models affect the timing of growth in production rates and the pace and scale of improvements in Boeing's operating cash flow."
「我們還將評估罷工以及737和787飛機模型生產率增長的時間和改進步伐對波音經營現金流的影響程度。」
Moody's said it will also consider the costs for Boeing to complete the fixed price contracts in the defense business, which will continue to be a drain on earnings and operating cash flow.
穆迪表示，它還將考慮波音完成軍工股固定價格合同的成本，這將繼續成爲收益和經營現金流的負擔。
Moody's rating on Boeing's unsecured debt has stood at Baa3 since April, the lowest rating for the stock to be considered investment grade.
自4月以來，穆迪對波音無擔保債務的評級一直爲Baa3，這是股票被視爲投資級別的最低評級。
A downgrade to Boeing's credit rating would put it in non-investment grade, or "junk," territory.
對波音信用評級的下調將使其陷入非投資級別，或「垃圾」領域。
Moody's noted that Boeing's annual free cash flow will fall short of $4 billion in debt coming due in 2025 and the $8 billion due in 2026.
穆迪指出，波音年度的自由現金流將無法支付到2025年到期的400億美元債務和2026年到期的800億美元債務。
"The path to restoring compliance, higher quality and strong cash flow in its commercial aircraft assembly operations remains fraught with execution risk," Moody's said.
「恢復合規性、提高質量和在商用飛機裝配業務中實現強勁現金流的路徑仍充滿執行風險，」穆迪表示。
Moody's pointed out that the IAM members' 57-day strike in 2008 cost Boeing around $1.5 billion per month, at a time when 737 production was at its then-normal production rate of about 34 per month.
穆迪指出，2008年IAM成員57天的罷工令波音損失了大約15億美元，當時737飛機的生產速率大約爲每月34架。
Price Action: Shares of Boeing were down 3.4% to $157.23 at the time of publication Friday.
股價表現：波音股票在週五發佈時下跌了3.4%，至157.23美元。
Exchange-traded funds that hold the stock trended upward on Friday.
持有該股票的交易所交易基金在週五呈上升趨勢。
- IShares U.S. Aerospace & Defense ETF (BATS:ITA) rose 0.89%.
- Gabelli Commercial Aerospace and Defense ETF (NYSE:GCAD) picked up 1.07%.
- Direxion Daily Aerospace & Defense Bull 3X Shares (NYSE:DFEN) gained 1.72%.
- First Trust Indxx Aerospace & Defense ETF (NYSE:MISL) grew 0.84%.
- Invesco Aerospace & Defense ETF (NYSE:PPA) went up 0.46%.
- iShares美國航空航天與國防etf(BATS:ITA)上漲0.89%。
- Gabelli商用航空航天和國防etf(紐約交易所:GCAD)上漲1.07%。
- Direxion每日航空航天與國防牛3倍份額(紐約交易所:DFEN)上漲1.72%。
- First Trust Indxx航空航天與國防etf(紐約交易所:MISL)增長0.84%。
- Invesco航空航天與國防etf(紐約交易所:PPA)上漲0.46%。
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Photo: Shutterstock
Photo: shutterstock
譯文內容由第三人軟體翻譯。