Moody’s rates DAE Ba2, notes Ba3

Moody's Investors Service said it assigned a Ba2 corporate family rating to Dubai Aerospace Enterprise Ltd. (DAE) and a Ba3 rating to the $1.9 billion senior unsecured notes due 2022 and 2024 issued by DAE Funding LLC.

The outlook is stable.

Moody's said it assigned a Ba2 corporate family rating to DAE on the basis of its increased franchise strength after its forthcoming acquisition of AWAS Aviation Capital DAC, balanced aircraft fleet risk characteristics, and moderate leverage compared to peers.

The rating is constrained by DAE's liquidity profile, which is less robust than higher rated peers, the agency added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.