About: http://data.cimple.eu/news-article/c3c1f1105bc1106206f4b6241da41ab66778ac36c97f0ae398b34c24

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About: http://data.cimple.eu/news-article/c3c1f1105bc1106206f4b6241da41ab66778ac36c97f0ae398b34c24 Goto Sponge NotDistinct Permalink

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rdf:type	schema:NewsArticle
schema:articleBody	Credit ratings agency S&P on Monday downgraded its rating for aircraft manufacturer Boeing due to the grounding of the 737 MAX and the coronavirus pandemic. "Boeing's cash flows for the next two years are going to be much weaker than we had expected, due to the 737 MAX grounding, resulting in worse credit ratios than we had forecast," S&P said in a statement. "In addition, the significant reduction in global air travel due to the coronavirus will likely result in an increase in aircraft order deferrals, further pressuring cash flows." It lowered its rating for the company to BBB from A-. The MAX has been grounded for the past year after two crashes that killed 346 people, spawning numerous lawsuits and investigations. Boeing estimates that the MAX crisis will cost it at least $18.7 billion, which caused its debt to explode to $27 billion as of December 31, 2019. "It's critical for any company to preserve cash in challenging periods," Boeing Chief Executive David Calhoun wrote in a message to workers last week. He announced the company would limit travel and bar overtime except in "critical" cases, and pause new hiring pending a review. Boeing has said it expects the MAX to receive regulatory approval to return to the skies at mid-year, but that would come at a highly uncertain time for airlines. The coronavirus pandemic poses the most serious crisis for the airline industry since the terrorist attacks of September 11, and likely will cause airlines to postpone their purchases of planes and cancel orders. dho/bgs/to
schema:headline	S&P cuts Boeing rating over 737 MAX and coronavirus
schema:mentions	1945 Empire State Building B-25 crash Boeing 737 MAX Pandemic Severe acute respiratory syndrome coronavirus 2 Aerospace manufacturer Dave Calhoun Global Air (Mexico) MAX Light Rail
schema:author	http://data.cimple.eu/organization/1f0054d541e000623a2c1e561a247c073ef6328e8be9ffafda7b3fcd
schema:datePublished	2020-03-16 (xsd:date)
http://data.cimple...sPoliticalLeaning	other political leaning
http://data.cimple...logy#hasSentiment	negative sentiment
http://data.cimple...readability_score	79 (xsd:integer)

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