Nuts & Bolts: Fitch Positive on Boeing

Research evidence excerpt

Nuts & Bolts: Fitch Positive on Boeing

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Nuts & Bolts

Fitch Positive on Boeing

Industry Overview

BA's Outlook Revised to Positive from Stable by Fitch 29 June 2026

Fitch revised the Rating Outlook on Boeing's (BA) Long-Term Issuer Default Rating (IDR) High Grade Credit

to Positive from Stable and affirmed the IDR at BBB-. The Outlook revision reflects United States

Fitch's view that BA's 737MAX production recovery has proven durable, materially de- Aerospace/Defense, Autos, Capital

Goods, Transportationrisking the path toward credit metrics consistent with a higher rating.

Douglas KarsonMoody's HON Outlook Changed to Negative Research Analyst

Moody's confirmed Honeywell International's (HON) ratings, including the A2 senior BofAS

unsecured rating assigned to HON's senior unsecured notes and bonds. Moody's also +1doug.karson@bofa.com646 855 7405

changed the outlook to negative from ratings under review. This rating action resolves Somaia Barakah

the review for downgrade that Moody's initiated on February 2, 2026. Research Analyst

BofAS

somaia.barakah@bofa.comLMT Wins Deal of Up to $35bn to Lift THAAD Production

The U.S. government awarded Lockheed Martin (LMT) a seven-year undefinitized Shane Steinlauf

Research Analyst

contract action (UCA) for up to $35bn to quadruple production of Terminal High Altitude BofAS

Area Defense (THAAD) interceptors. The award is one of the first major multiyear shane.steinlauf@bofa.com

procurement contracts executed under the Department of War's (DoW) Acquisition

Transformation Strategy and represents one of the first full-scale transitions from

framework agreement to contract execution under the initiative.

Market news

For the week ended 6/25, IG spreads were 2bp wider, and HY spreads were 12bp wider.

Exhibit 1: U.S.