S&P: Spirit AeroSystems unchanged

Standard & Poor's said that the revised terms on Spirit AeroSystems Inc.'s (BB/stable) 787 aircraft supply agreement with Boeing Co. (A+/stable/A-1) have no impact on its ratings or outlook on Spirit.

Under the new agreement, Spirit will receive advance payments in 2008, starting with $124 million to be reflected in the company's first-quarter results, the agency said.

There will be additional payments in the year, approximating the value that was to be delivered by Spirit in 2008 in the original 787 program schedule, the agency added.

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