(Reuters) - Boeing's ( BA ) cash flow situation is incrementally worse than their expectations, an S&P Global Ratings analyst said, after the company said it would be cash-flow negative in 2024.

Boeing ( BA ) currently has a BBB- rating from S&P, one level above "junk" status, with a negative credit rating outlook. The rating agency changed that outlook in April to "negative" from "stable" due to the increased chance that it will take more time for cash flow to recover.

On Thursday, Boeing ( BA ) Chief Financial Officer Brian West said full-year cash flow would be negative for 2024, rather than modestly positive as it forecast in March.

"It's certainly not good news. We were already expecting this year would be below our financial expectations for the rating and this is incrementally worse," Ben Tsocanos, airlines director at S&P Global Ratings, said in a statement to Reuters. "We're focused on the company's progress towards a healthy level of aircraft production going into next year."