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Boeing & Airlines; NTSB Engineers Hold Presser

CREDIT UPDATE
  • Couple of updates o/n most relevant from NTSB engineers in a presser; "The door translated up and disengaged from the stops, which then fractured the fittings...have not yet recovered the four bolts that restrain it from its vertical movement...And we have not yet determined if they existed there....will determine that when we take plug to DC." Full presser (engineer remarks begin at 16:00); https://www.youtube.com/watch?v=kGWLBLb9Pm4
  • Market read through on where this places blame seems uncertain (as is ours), noting initial/weekend Reuters reports (from a single source) were biased away SPR from towards Boeing - CreditSight analysts reiterating the Reuters source that Boeing reopens the plug for interior works before resealing - we covered the 'reported' process yest. Still SPR's lines don't stand out as cheap to us, particularly on double neg outlook. Neither's equities are large movers in pre-market -i.e. both are holding onto yest's sell-off.
  • Airlines using the panels have also come under focus, particularly after o/n updates from "Alaska Airlines loose hardware" and United on "bolts that needed tightening". Little impact so far on UAL equities or credit . Aeromexico who also has the plane in its fleet saw some weakness in its 8.5% 27's that fell -$0.6 to $96.2 yesterday.
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