Fitch rates DAE at BBB- with a stable outlook

DUBAI, Dubai Aerospace Enterprise, DAE, announced that Fitch Ratings had assigned an overall 'BBB-' rating, with a stable outlook.

DAE's long-term IDR received a 'BBB-' rating, while its outlook stable senior secured long-term rating was assigned 'BBB'.

Commenting on the announcement, Firoz Tarapore, Chief Executive Officer of DAE, said, "Over the last 23 months since the closing of the acquisition of AWAS, we have worked diligently to strengthen our franchise and transform our credit metrics to position the Company to be perceived and rated as an investment grade company.

"Today, our market leading position as a Top 10 lessor combined with consistent profitability, strong capital and robust liquidity have earned us this recognition from Fitch. We remain committed to obtaining an investment grade rating from all credit rating agencies that currently rate DAE to support our ambitious growth plans."

Source: Emirates News Agency