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Moody’s assigns A2 to Boeing notes
Moody's Investors Service said it assigned A2 ratings to the combined $900 million of new senior unsecured debt to be issued by Boeing Co.
The notes are expected to be issued in three tranches of roughly equivalent value and varying maturities ranging from five to 30 years.
Net proceeds will be used for general corporate purposes.
The issuance does not impact the company's existing A2 senior unsecured long-term or P-1 short-term ratings.
The outlook is stable.
"The ratings broadly reflect Boeing's position as a leading global manufacturer of large commercial airplanes and a prime US defense contractor, with a sizeable order book underpinning excellent long-term revenue visibility and strong liquidity provisions mitigating a temporarily leveraged balance sheet," Russell Solomon, Moody’s senior vice president and lead analyst for Boeing, said in a news release.
"We expect Boeing to generate $5.5 billion or more of free cash flow after dividends in each of 2017 and 2018."
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