Boeing would be biggest-ever US 'fallen angel' if cut to junk
Briefly

"Boeing has worn out its welcome in the investment-grade index. But the high-yield index would be honored to welcome Boeing and its many coupon step-ups."
"JPMorgan isn't taking a view on the likelihood of Boeing transitioning to junk or what such a transition would mean for its credit fundamentals."
"Much of Boeing's debt has a coupon step-up feature - where the interest rate increases by 0.25 percentage point for each step below investment-grade."
Read at Fortune
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