March 24, 2020 / 7:28 PM / 9 days ago

BRIEF-Fitch Says Downgrades Boeing's Ratings To 'BBB'; Removes From Rating Watch Negative; Outlook Negative

March 24 (Reuters) - FITCH:

* FITCH SAYS DOWNGRADES BOEING’S RATINGS TO ‘BBB’; REMOVES FROM RATING WATCH NEGATIVE; OUTLOOK NEGATIVE

* FITCH SAYS HAS ALSO AFFIRMED BOEING’S SHORT-TERM RATINGS AT ‘F2’. RATING OUTLOOK IS NEGATIVE

* FITCH SAYS RATINGS DOWNGRADE ON BOEING REFLECT RAPID ESCALATION OF CORONAVIRUS PANDEMIC & ITS EFFECT ON BOEING’S AVIATION MARKETS & OPERATIONS

* FITCH SAYS HAS DOWNGRADED LONG-TERM RATINGS FOR BOEING COMPANY (BA) AND BOEING CAPITAL CORPORATION (BCC) TO ‘BBB’ FROM ‘A-‘

* FITCH ON BOEING SAYS RATING CASE INCLUDES EXPECTATIONS FOR SIGNIFICANT GLOBAL ECONOMIC DOWNTURN THROUGH Q2 2020, FOLLOWED BY RECOVERY IN H2 OF YEAR & INTO 2021

* FITCH SAYS UNDER SCENARIO OF GLOBAL ECONOMIC DOWNTURN THROUGH Q2 AFFECTING AIRLINE TRAFFIC, DOES NOT EXPECT BOEING WILL REBUILD ITS CREDIT METRICS

* FITCH ON BOEING SAYS NEGATIVE RATING OUTLOOK IS DRIVEN BY RISK OF A MORE EXTENDED CORONAVIRUS PANDEMIC

* FITCH ON BOEING SAYS OUTLOOK IS ALSO DRIVEN BY ONGOING RISKS RELATED TO TIMING OF RETURN-TO-COMMERCIAL SERVICE OF 737 MAX & PACE OF 737 MAX DELIVERY RAMP UP Source text for Eikon: Further company coverage:

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