Boeing Co. has suffered two ratings downgrades since it last issued debt in July, yet any increase in borrowing costs for the embattled planemaker may be negligible because credit markets have rallied.

The company’s 10-year bonds, then priced at 90 basis points over Treasuries, now trade at a spread of about 84 basis points, according to Trace. All-in yields on its longer-dated debt have dropped even further. While some of the debt is trading weaker Monday, all six maturities sold in July were last quoted above par.

That would be a huge help to the aerospace giant as it considers raising as much as US$5 billion of debt amid the extended grounding of the 737 Max, the Wall Street Journal reported Monday. The company said last month that it would halt production of its best-selling jet indefinitely, triggering downgrades from Moody’s Investors Service and S&P Global Ratings to four levels above speculative grade.

Even though Boeing ended the third quarter with nearly US$10 billion in cash, the opportunity for companies to borrow has rarely been cheaper. Risk premiums on bonds similarly rated to Boeing are hovering near a two-year low. Investment-grade yields are close to the lowest in seven years.

Boeing nearly doubled the size of its credit facilities to US$9.5 billion in October, giving it more access to capital amid the 737 Max crisis. The company raised US$5.5 billion of debt in July to help fund its joint venture with Embraer SA, and credit raters maintain that Boeing’s liquidity is strong.

A Boeing spokesman declined to comment on the planemaker’s plans to tap the debt markets. The company has said that “managing liquidity and balance sheet leverage are top priorities as we navigate through the Max challenges.”

Boeing doesn’t expect its use of cash to significantly change until deliveries and production resume for the grounded 737 Max.