S&P places Boeing’s rating on CreditWatch negative as strike drags on

FILE PHOTO: FILE PHOTO: A Boeing 737 MAX sits outside the hangar during a media tour of the Boeing 737 MAX at the Boeing plant in Renton, Washington

(Reuters) -Global ratings agency S&P said on Tuesday it had placed Boeing’s rating on CreditWatch negative as about 33,000 of the U.S. planemaker’s workers remain on strike, halting production of its best-selling jets.

The ratings agency estimates the planemaker will incur a cash outflow of about $10 billion in 2024 and will likely require incremental funding.

S&P’s CreditWatch listing reflects the increased likelihood of a downgrade if the strike persists toward the end of the year.

(Reporting by Shivansh Tiwary in Bengaluru; Editing by Devika Syamnath)