Boeing Isn't Junk Status — Yet: Moody's Outlook On Aircraft Maker Goes Negative
Boeing Isn't Junk Status — Yet: Moody's Outlook On Aircraft Maker Goes Negative
Boeing Co.'s (NYSE:BA) problems continue as Moody's Ratings downgraded the plane-maker's credit score.
波音公司。”由於穆迪評級下調了這家飛機制造商的信用評分，s（紐約證券交易所代碼：BA）的問題仍在繼續。
What Happened: Moody's lowered the score on Boeing's unsecured debt to Baa3 from Baa2, according to a report published Wednesday. Ba2 is the lowest possible investment-grade rating.
發生了什麼：根據週三發佈的一份報告，穆迪將波音無抵押債務的評分從Baa2下調至Baa3。Ba2 是可能的最低投資級評級。
The negative rating outlook concludes a review initiated on March 26. Moody's cited Boeing's failure to meet expected levels of free cash flow generation due to underperformance in its flagship commercial airplanes segment.
負面評級展望結束了3月26日啓動的審查。穆迪指出，由於旗艦商用飛機領域的表現不佳，波音未能達到預期的自由現金流產生水平。
The agency highlighted that this underperformance will likely impact Boeing's ability to meet upcoming debt maturities in 2025 and 2026.
該機構強調，這種表現不佳可能會影響波音在2025年和2026年償還即將到期的債務的能力。
Why It Matters: Boeing brass likely saw this coming as they're currently reeling from a long list of quality-control issues.
爲何重要：波音高管可能認爲會出現這種情況，因爲他們目前正面臨着一長串的質量控制問題。
- Two tragic crashes weigh heavily on the aircraft company's public image as well as its stock price.
- Documented issues with the 737's tail fittings, rivets and fasteners
- And a door plug blowout on a 737-9
- 兩起悲慘的墜機事故嚴重影響了這家飛機公司的公衆形象及其股價。
- 記錄在案的 737 尾部接頭、鉚釘和緊固件存在的問題
- 還有 737-9 的門插頭井噴了
While a Baa3 rating from Moody's means Boeing is still considered "investment-grade," a lower rating would mean that it's a "speculative" play — so-called "junk" status.
儘管穆迪的Baa3評級意味着波音仍被視爲 “投資級”，但較低的評級將意味着它是一種 “投機” 遊戲——所謂的 “垃圾” 地位。
Factors that could lead to further downgrade include continued poor performance in the commercial airplanes segment, recurring reliance on debt markets, insufficient growth in aircraft deliveries, weakened liquidity and lack of improvement in financial metrics.
可能導致進一步下調評級的因素包括商用飛機板塊表現持續不佳、經常依賴債務市場、飛機交付量增長不足、流動性減弱以及財務指標缺乏改善。
Boeing isn't the only high-profile downgrade as of late.
波音並不是最近唯一一家備受矚目的降級。
Moody's on April 18 reduced its outlook for direct lending funds managed by major private equity firms — BlackRock Inc., KKR & Co. and Oaktree Capital Management — to negative from stable.
穆迪於4月18日將主要私募股權公司——貝萊德公司、KKR和Oaktree Co.和Oaktree Capital Management——管理的直接貸款基金的前景從穩定下調至負面。
Before that, the firm cut New York Community Bancorp to Ba2 from Baa3.
在此之前，該公司將紐約社區銀行從Baa3削減至Ba2。
Moody's also downgraded the entire U.S. in November, citing fiscal challenges.
穆迪還以財政挑戰爲由在11月下調了整個美國的評級。
What's Next: Boeing's liquidity is expected to remain sufficient, although Moody's predicts the company will likely issue new debt to bolster its cash position and manage its maturity profile through 2026.
下一步是什麼：波音的流動性預計將保持充足，儘管穆迪預測該公司可能會在2026年之前發行新債以增強其現金狀況並管理其到期日狀況。
Arlington, Virginia-based Boeing operates in three principal business segments, including its flagship commercial airplanes unit. Revenue totaled $77.8 billion for 2023.
總部位於弗吉尼亞州阿靈頓的波音公司在三個主要業務領域開展業務，包括其旗艦商用飛機部門。2023 年的總收入爲 778 億美元。
The company is reportedly selling certain defense assets and foresees slower 787 production due to supplier shortages.
據報道，該公司正在出售某些國防資產，預計由於供應商短缺，787的產量將放緩。
BA Price Action: Boeing closed Wednesday at $164.33 a share, down 2.87%.
英國航空價格走勢：波音週三收於每股164.33美元，下跌2.87％。
Now Read: Does Boeing's Q1 Earnings Beat Offer A Buy-The-Dip Opportunity While Investors Stay Bearish?
立即閱讀：在投資者保持看跌的同時，波音第一季度的收益是否提供了逢低買入的機會？
Image: Midjourney
圖片：Midjourney