This action concludes the review for upgrade initiated on 8th November, 2019
DUBAI: Moody’s Investors Service has upgraded the corporate family rating of Dubai Aerospace Enterprise, DAE, Ltd to Baa3 from Ba1, and the senior unsecured rating of subsidiary DAE Funding LLC to Baa3 from Ba2.
This action concludes the review for upgrade initiated on 8th November, 2019, the credit ratings agency said, adding that the outlook is stable.
Firoz Tarapore, Chief Executive Officer of DAE said, "We have worked assiduously over the last two years to position our franchise to be rated as an investment grade company. We are delighted with this rating upgrade from Moody’s. DAE's senior unsecured debt is now rated investment grade by three major US credit rating agencies. This will enable us to further solidify our Top 10 franchise, accelerate our growth ambitions and strengthen our liquidity and capital position."
