(Reuters) -Boeing ( BA ) said on Tuesday it has entered a credit agreement worth $10 billion with a consortium of banks, as the U.S. planemaker readies financing sources amid a crippling strike and upcoming debt maturities.

The company's shares rose 2% before the bell.

The latest development signals the planemaker is diversifying its financing options as it has $11.5 billion of debt maturing through Feb. 1, 2026.

Earlier this year, Boeing ( BA ) committed to issuing $4.7 billion of its shares to acquire Spirit AeroSystems and assume its debt.

Boeing's ( BA ) cash woes have worsened since roughly 33,000 of its workers represented by the Machinists union walked off their jobs in September, halting production of its best-selling 737 MAX aircraft.

The strike is costing the company more than $1 billion per month, according to one estimate that was released before Boeing ( BA ) announced it will cut 17,000 jobs or 10% of its global workforce.

The planemaker was already reeling due to a regulator-imposed cap on production of its MAX jets after a mid-air cabin-panel blowout in January.

Boeing ( BA ) has posted operating cash flow losses of more than $7 billion for the first half of 2024 and had about $60 billion in debt, including the $10 billion it raised earlier this year.

The developments come at a time when Boeing ( BA ) is also looking to preserve its investment-grade credit rating amid the looming threat of a downgrade into junk territory, which will be the first for the planemaker.