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Boeing 777X exit threat leaves Washington facing bond-rating cut

Washingtons bid for the 777X may hinge on a Jan. 3 vote by union machinists on whether to accept a contract extension rejected by union officials that would freeze pensions and eventually replace them with a 401(k)-style retirement plan.

By Alison Vekshin | Updated on January 02, 2014

Dec. 27 (Bloomberg) — Washington faces a credit downgrade, higher borrowing costs and the loss of jobs and tax revenue should Boeing Co. decide to move production of its new 777X jetliner to another state.

California and Missouri are among the contenders that submitted bids at the request of the Chicago-based aerospace company. They are offering incentives to lure production away from Everett, near Seattle, after Boeing’s talks with union leaders reached an impasse. Washington approved $8.7 billion in tax breaks for Boeing.

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