Fitch Ratings has published Dubai Aerospace Enterprise (DAE) senior unsecured long-term rating of BBB- and DAE's senior secured long-term rating of BBB.
The company has said that DAE's ratings reflect the firm's materially enhanced scale, following the acquisition of AWAS Aviation Capital Designated Activity Company (AWAS).
The rating also reflects a diverse fleet profile and solid cash flows, Fitch says.
At the end of the first quarter 2019, DAE's owned, managed and ordered fleet consisted of 354 aircraft, valued at around $13 billion, consisting of Airbus A320s, Boeing 737s, ATR 72-600s and Airbus A330s. The firm also owns freighters, including 12 B777F and three B747F aircraft. The weighted average age of the portfolio was 5.9 years.
DAE had 110 customers across 56 countries at the end of the first half of 2019, with customers including Emirates, Gulf Air and Ethiopian Airlines.
DAE's ownership of maintenance and delivery hangars evidences its technical capabilities. These hangars are strategically located in Amman, Jordan, which enhances the geographic reach of the company's maintenance, repair and overhaul operations across the EMEA region.
DAE had a weighted average remaining lease term of 6.2 years at end-1Q19, which provides reasonably strong cash flow predictability absent lessee credit events.