UBS analyst David Strauss released a report earlier today stating that the first 787 deliveries will not take place until 2010. Strauss cites the original schedule for flight test aircraft laid out in April, which says first flight was supposed to take place October 29, following a targeted assembly completion of August 31.

The assembly completion of Dreamliner One slipped to October 6th prior to the strike.  The schedule, published by UBS  states that assembly was set to be completed on September 10 and September 25 for Dreamliners Two and Three, respectively. Strauss identifies the strike, along with a five week slip in assembly completion on Dreamliner One, as the primary catalyst for his bearish analysis.

Although The Boeing Co. has a record backlog of orders and has been raising production rates to get more planes to customers, the world financial crisis and credit crunch will result in many of those orders being canceled or deferred, a Wall Street analyst said Friday.

And another analyst predicted that because of the on-going Machinists strike, and other factors, the first 787s won’t be delivered to airlines until early 2010, rather than in the third quarter of next year.

Boeing can be expected to update the status of its 787, and provide analysts with a better understanding of the impact of the credit crunch on its customers and its delivery schedule, when it reports on third-quarter earnings on Oct. 22.

“We believe that the inability to obtain financing will cause customers to defer or cancel orders,” Goldman Sachs analyst Richard Safran wrote in a note to clients. “As a result, we believe (Boeing) will lower production rates.”

Boeing will have to drastically cut deliveries in 2010, he predicted.

Safran lowered his estimate of how many planes Boeing will deliver in 2009 to 462, down from 489. But in 2010, he said, Boeing will deliver only 392 planes. That’s well off Safran’s previous estimate of 524.

In July, when Boeing announced earnings for the second quarter, the company said it planned to deliver between 475 and 480 planes this year. But that was before the Machinists strike, which delayed the delivery of about 30 planes in September. Boeing had said back in July that it expected to deliver between 500 and 505 planes in 2009. And deliveries would be even higher in 2010 as the 787 program ramped up, Boeing said at the time.