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3/24, 8:54 PM (Source: TeleTrader)
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Fitch downgrades Boeing to BBB

Fitch Ratings downgraded the long-term ratings of the Boeing Company on Tuesday to BBB from A-. The downgrade reflects the rapid escalation of the coronavirus pandemic and the effect it is having on Boeing's aviation markets and operations, Fitch noted.

The rating outlook is negative due to the potential of prolonged coronavirus impact and risks related to the timing of the 737 MAX return to commercial service, Fitch said, adding that Boeing could need access to additional capital to bridge liquidity needs until the economy recovers.

United States President Donald Trump stated on Fox News on Tuesday that Boeing cannot be allowed to be shut down. Earlier in the week, Trump also said the company will need "some help" to overcome the coronavirus crisis, as it already had difficulties before.

Breaking the News / SR