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Boeing debt downgraded to BBB

Boeing cash crunch is looking more serious than it was a month ago, and its credit rating has been downgraded to reflect that.

S&P Ratings downgraded Boeing’s credit rating by two notches on Monday, to BBB from AA-, leaving it just two notches above junk. The analysts also left Boeing’s rating on watch for more downgrades in the event its cash flow doesn’t improve.

The analysts now expect Boeing to expend $11 billion to $12 billion of cash this year.