Fitch affirms Boeing

Fitch Ratings said it affirmed Boeing Co.'s and Boeing Capital Corp.'s long-term issuer default rating at A+, senior unsecured debt at A+, bank facilities at A+, short-term issuer default rating at F1 and commercial paper programs at F1.

The outlook remains negative.

The negative outlook reflects various 787-program risks, including the aggressive production plan, deterioration of some of its credit metrics because of the $5 billion of debt issuance in 2009, declining revenue in 2010 and negative free cash flow in 2010 caused by working capital investment for the 787 and 747-8 programs, Fitch said.

Other concerns, including potential production cuts and the aircraft finance market, have eased in the past year, the agency said. The company's cash performance and liquidity in 2009 were better than expected, Fitch added.

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