March 16, 2020 / 9:52 PM / 14 days ago

BRIEF-S&P Says Boeing Co. Rating Lowered To 'BBB' On Weaker Cash Flows Due To Max Grounding

March 16 (Reuters) - S&P:

* S&P SAYS BOEING CO. RATING LOWERED TO ‘BBB’ ON WEAKER CASH FLOWS DUE TO MAX GROUNDING

* S&P SAYS BOEING’S CASH FLOWS FOR THE NEXT TWO YEARS ARE GOING TO BE MUCH WEAKER THAN WE HAD EXPECTED

* S&P SAYS REDUCTION IN AIR TRAVEL DUE TO CORONAVIRUS WILL LIKELY RESULT IN INCREASE IN AIRCRAFT ORDER DEFERRALS, FURTHER PRESSURING BOEING’S CASH FLOWS

* S&P SAYS LOWERING ISSUER CREDIT AND UNSECURED DEBT RATINGS ON BOEING TO ‘BBB’ FROM ‘A-‘

* S&P SAYS AFFIRMING BOEING’S ‘A-2’ SHORT-TERM RATING & PLACING IT ON CREDITWATCH WITH NEGATIVE IMPLICATIONS

* S&P SAYS NOW EXPECT BOEING’S FCF TO BE AN OUTFLOW OF $11 BILLION -$12 BILLION IN 2020 VERSUS. PRIOR EXPECTATION OF POSITIVE $2 BILLION IN 2020

* S&P SAYS NOW EXPECT BOEING'S FCF TO BE AN INFLOW OF $13 BILLION -$14 BILLION IN 2021 Source text: (bit.ly/2Wh71RS) Further company coverage:

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