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Boeing 737 MAX aircrafts on Oct. 23, 2019. Photo: David Ryder/Getty Images

After it laid off 2,800 employees last week, citing "ongoing uncertainty" related to Boeing’s 737 MAX jet, Moody's downgraded the secured debt of airplane parts supplier Spirit AeroSystems and handed it a Ba2-PD Probability of Default rating.

What it means: Wichita, Kansas-based Spirit gets about half of its annual revenue from supplying parts for the MAX, which has been grounded for months following two fatal crashes and remains in a production halt indefinitely.

  • Eoin Roche, Moody's lead analyst for Spirit, said he expects "Spirit's liquidity profile will quickly and materially erode" unless something drastic changes, and any developments that could help salvage it "remain largely out of the company's control."
  • Spirit's stock fell nearly 3% on Monday and has dropped almost 25% in the past two months.

Why it matters: This is the latest piece of fallout from Boeing's two crashes, showing how the production freeze could have ramifications throughout the manufacturing industry and the U.S. economy.

The big picture: Boeing's decision to suspend 737 MAX production could hit dozens of companies, Moody's warned in a separate note on Friday, identifying 24 firms with exposure to Boeing and its supply chain and placing four on review for downgrades.

  • "Several companies face potentially significant earnings and cash flow pressures that could erode their liquidity in relatively short order."
  • The decision to suspend production indefinitely means Boeing will share the financial burden of the crashes with its suppliers "on a fairly immediate basis, heightening operational disruption and financial risk for all."

Don't forget: Indonesia’s Lion Air considered putting its pilots through simulator training in 2017 before flying the 737 MAX but abandoned the idea after Boeing convinced them it was unnecessary, Bloomberg reported Monday.

Go deeper:

Go deeper

Burnout, money, concern drive Harris turnover

Vice President Kamala Harris and another potential 2024 presidential candidate, Transportation Secretary Pete Buttigieg, appeared together Thursday in Charlotte, N.C. Photo: Logan Cyrus/AFP via Getty Images

Burnout, better opportunities and concern about being permanently branded a "Harris person" is driving some of the turnover in Vice President Kamala Harris's office, people familiar with the situation tell Axios.

Why it matters: Harris is not only a heartbeat from the presidency but, by virtue of her office, the presumed 2024 frontrunner if President Biden doesn't seek re-election. There's been an inordinate amount of disarray — and, now, turnover — throughout her tenure.

Updated 3 hours ago - Health

WHO: Delta health measures help fight Omicron

Photo: Mario Tama/Getty Images

Health measures taken to combat COVID-19 before the emergence of Omicron would also help against the new variant of concern, World Health Organization officials said Friday.

What they're saying: Takeshi Kasai, WHO regional director for the Western Pacific, said during a virtual briefing broadcast from Manila, Philippines, that border controls imposed by the U.S. and other nations can "buy time" to deal with the variant, but warned "every country and every community must prepare for new surges in cases."

4 hours ago - Health

Nevada to impose insurance surcharge on unvaccinated state workers

Nevada Gov. Steve Sisolak. Photo: Ethan Miller/Getty Images

Nevada's Public Employees' Benefit Program Board voted Thursday to charge workers enrolled in public employee health insurance plans a surcharge of up to $55 a month if they're not vaccinated against COVID-19, the Las Vegas Review-Journal reports.

Why it matters: Nevada is the first state to announce such a move, per AP.

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