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Boeing’s IG-Rating on Watch by S&P’s on Worker Strike
September 13, 2024
Boeing’s BBB- issuer rating by S&P could see an impact if the company faces an extended worker strike, that could delay its recovery. Boeing’s US West Coast factory workers voted on Thursday regarding a new contract that was criticized and a possible strike. A shorter strike would probably be manageable for the company and the rating,” said Ben Tsocanos, aerospace director, S&P. On Sunday, Boeing reached a tentative agreement with its machinists union for (a) a 25% wage hike over four years (b) a reduction in workers’ health-care costs (c) increase in the Boeing’s contribution to workers’ retirement plans and (d) a commitment by Boeing to build its next aircraft in Washington state. The tentative proposal did not meet the union negotiators’ push for a higher wage increase of 40%, but the other benefits could help stave-off any worsening of the situation, some analysts noted.
Boeing’s dollar bonds were trading stable with its 2029s and 2030s yielding ~5%
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