WICHITA, Kan. (AP) Moodys Investors Service announced that it is downgrading the debt rating for Spirit AeroSystems, Inc. to junk-bond status after the major supplier of fuselages for Boeings troubled 737 Max announced massive layoffs last week.
Mondays downgrade comes after Spirit announced Friday that it was laying off 2,800 workers in Wichita and that it planned smaller workforce reductions later this month at its plants in Tulsa and McAlester, Oklahoma.
The downgrade reflects our expectation that Spirits liquidity profile will quickly and materially erode in the absence of mitigating developments that remain largely out of the companys control, said Eoin Roche, Moodys lead analyst for Spirit.
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