The deterioration of Boeing’s financial health has continued to accelerate since their 737 MAX jets were grounded globally last March, following 2 fatal crashes in a 5 month span. While the company’s balance sheet is still relatively cash rich, production and deliveries of MAXs (of which around 5000 remain on backorder) as well as other models have had to be slowed or even shuttered completely to try and contain Boeing’s bleeding of around $4 billion per quarter. While those cuts have allowed the company to keep their dividend intact for the time being, they’ve just now begun paying out compensation to airlines for costs incurred in the wake of the MAX’s grounding. Following a credit downgrade from S&P Global and Moody’s, as well as a huge run-up in the company’s debt-to-equity ratio, Boeing is now planning their second major debt offering since July. As months continue to pass with no sign of a timetable for an FAA recertification of the 737 MAX, investors have to wonder how much longer Boeing can hold the line.

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