Airbus Group N.V. -- Moody's: Emirates Cancellation of A350 XWB Order is Credit Negative for Airbus, Credit Positive for Boeing

New York, June 12, 2014 -- Moody's Investors Service said the 11 June 2014 order cancellation of 70 A350 XWB aircraft by Emirates (not rated) is a credit negative development for Airbus Group, N.V. (A2 stable) and a credit positive development for The Boeing Co. (A2 stable). The loss of the approximate $16 billion order (at 2007 list prices, now closer to $22 billion)--which is also credit negative for principal engine supplier Rolls-Royce plc (A3 stable) and other key suppliers such as United Technologies Corp. (A2 negative), Thales (A2 negative), Rockwell Collins, Inc. (A3 stable) and Spirit Aerosystems, Inc. (Ba2 negative), among others--constitutes a not insignificant hit for the still-in-development program. But perhaps more significantly, Moody's said it now suggests more clearly than previously the preference of at least one leading carrier operating in the rapidly growing Middle East market for the Boeing 777X product over the competing A350 XWB offering from Airbus.

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