12:33 PM EDT, 04/25/2024 (MT Newswires) -- Boeing's ( BA ) rating outlook was cut by S&P Global Ratings to negative from stable on Thursday, a day after Moody's lowered its senior credit rating on the planemaker.

The company's BBB- long- and A-3 short-term issuer credit ratings were affirmed by S&P.

"We revised the outlook to negative primarily to reflect the increased potential for Boeing ( BA ) to face further delays in the expected recovery of its cash flow and credit ratios to levels we view as consistent with its rating, mainly related to its commercial aircraft production and deliveries," S&P said.

S&P said that the negative outlook is mainly a reflection of the risk that Max production and delivery increases could have a slower progress that what the agency anticipates, leading to a "corresponding delay in the recovery of its credit measures."

Asked to comment by MT Newswires, Boeing ( BA ) referred to the company's Q1 earnings call on Wednesday, when Chief Financial Officer Brian West said that the company is committed to managing its balance sheet with two main objectives.

"One, prioritize the investment grade rating; and two, allow the factory and supply chain to stabilize for a stronger trajectory as we exit this year," West said on the call.

Boeing ( BA ) shares were down 1.3% in recent Thursday trading.

Price: 162.14, Change: -2.20, Percent Change: -1.34