April 25 (Reuters) - Boeing's ( BA ) credit rating was

under pressure for the second time this week as S&P brought them

one step closer to a junk rating on Thursday after a mid-air

blowout of a cabin panel in January prompted the planemaker to

slow production of its best-selling jets.

The rating agency changed its outlook on the company's

bottom of investment grade rating to "negative" from "stable" to

reflect an increased potential for Boeing ( BA ) to face further delays

in expected recovery of its cash flow and credit ratios.

Moody's cut Boeing's ( BA ) credit rating to one notch above junk

status on Wednesday just hours after the company reported it

used $3.93 billion of free cash flow in the first quarter.

The planemaker has been under heavy regulatory scrutiny

after the cabin panel blew off an Alaska Airlines flight

in mid-air, forcing an emergency landing.

Boeing ( BA ) faces heightened production uncertainty, notably

related to quality issues affecting its 737 MAX aircraft, and

key changes to its leadership are pending, S&P said on Thursday.

On Wednesday, Moody's said it expects headwinds surrounding

the company's commercial airplanes to persist at least through

2026 when Boeing ( BA ) has $8 billion in debt coming due.

S&P expects Boeing ( BA ) will not generate sufficient free cash

flow in 2024 to cover about $5 billion of its debt maturities.

The rating agency also flagged concerns around leadership

uncertainty at the planemaker, leading to additional pressure to

its rating.

S&P affirmed Boeing's ( BA ) "BBB-" long- and "A-3" short-term

issuer credit ratings.