Boeing CFO says aerospace industry needs credit urgently, markets closed to new debt

SEATTLE: Boeing's chief financial officer said on Tuesday the US aerospace industry urgently needs credit to cope with the coronavirus pandemic but"markets essentially are closed" to new debt.

"Having access to the credit markets is really important for us right now," Boeing CFO Greg Smith said when asked whether Boeing could issue such instruments in return for support. Smith said Boeing, which drew down a US$13.8 credit line it took in February but has a further US$9.6 billion in reserve, was not in discussions to add new commercial debt facilities.

Smith also said a tie-up with Brazil planemaker Embraer remained strategically important to the company.

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