(Bloomberg) -- Fitch Ratings became the third major credit grader to turn pessimistic on Boeing Co. as the planemaker’s crisis brings scrutiny to its balance sheet.

The ratings company lowered the outlook on its BBB- rating to negative from stable, according to a statement on Friday. S&P Global Ratings did the same a day earlier, which followed Moody’s Ratings downgrading the aerospace giant to a step above junk Wednesday after it released first-quarter results.

Boeing said it burned through $3.9 billion of cash in the first quarter as it slowed 737 Max production in the wake of a near-disaster involving one of the planes in January. The company predicted another “sizable” use of cash this quarter. 

Fitch said its negative outlook reflects “heightened execution risks” at Boeing the next year or two as it normalizes production, navigates seasonal cash-flow swings and repays debt, among other issues. The new outlook also incorporates Fitch’s view that Boeing could issue new debt to guard against early 2025 cash-flow risks.

Boeing Chief Financial Officer Brian West said during a Wednesday conference call that he intends to protect the company’s investment-grade rating, and that the company still has access to $10 billion in untapped credit lines. He added Boeing is monitoring its access to cash and believes it still has “significant market access” if it needs to supplement liquidity.

Boeing’s Revival Roadmap Put to Test by Dwindling Time and Cash 

While downgrading Boeing to the brink of junk, Moody’s also put its outlook at negative, which it defines as meaning a company faces the chance of a ratings downgrade in the medium term. That’s commonly seen by market participants as 18 to 24 months.

Fitch said it could stabilize its outlook if Boeing delivers more than 100 of its already-built 737 Max from inventory and half of its inventoried 787 Dreamliners by early next year while boosting 737 production toward 38 jets per month.  

--With assistance from Julie Johnsson.

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