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S&P gives Boeing notes BBB-
S&P said it assigned its BBB- issue-level rating to the Boeing Co.'s proposed senior unsecured notes.
The company plans to issue the notes in tranches due 2023, 2025, 2027, 2030, 2040, 2050 and 2060. The coupon on the notes will increase depending on the ratings they receive from certain rating agencies, including S&P, the agency said.
“We expect the company to use the proceeds from these notes to bolster its liquidity and fund the large cash outflows it is experiencing this year due to the effects of the coronavirus pandemic on aircraft demand and the ongoing delays in recertifying the 737 MAX,” S&P said in a press release.
“This transaction does not materially change our expected credit ratios because we anticipated that the company would need to issue debt in 2020 to bolster its liquidity,” S&P said.
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