March 24, 2020 / 7:59 PM / 12 days ago

Fitch cuts Boeing's credit rating to 'BBB'

March 24 (Reuters) - Fitch on Tuesday cut Boeing Co’s credit rating to “BBB”, with a negative outlook, citing a rapid escalation of the coronavirus pandemic and its impact on the planemaker’s markets and operations.

The agency said it has downgraded long-term ratings for Boeing Co and Boeing Capital Corp to ‘BBB’ from ‘A-‘.

Fitch added that its negative outlook was driven by the risk of a more extended coronavirus pandemic.

Earlier on Tuesday, S&P Global Ratings cut Delta Air Lines Inc’s rating to junk status, citing a steep decline in demand as the aviation sector reels under the coronavirus crisis and seeks government help. (Reporting by Shradha Singh in Bengaluru; Editing by Maju Samuel)

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