Fitch revises outlook on Dubai Aerospace Enterprise to Positive

Fitch revises outlook on Dubai Aerospace Enterprise to Positive

Fitch Ratings - London - Fitch Ratings has revised the Outlook on Dubai Aerospace Enterprise (DAE) Ltd's (DAE) Long-Term Issuer Default Rating (IDR) to Positive from Stable and affirmed the IDR at 'BBB-'. Fitch has also affirmed DAE Funding LLC's senior unsecured debt rating and DAE Sukuk (DIFC) Limited's (DAE Sukuk) sukuk programme and debt ratings at 'BBB-'. The rating actions are being taken in conjunction with Fitch's global aircraft leasing sector review, covering 10 publicly rated firms. For more information on the sector review, see "Fitch Completes Aircraft Lessor Peer Review, Sector Outlook Remains Neutral", at www.fitchratings.com . DAE is indirectly fully-owned by the Investment Corporation of Dubai (unrated), the principal investment arm of the Government of Dubai. DAE Funding LLC is the US-based unsecured debt issuing subsidiary of DAE with all outstanding debt guaranteed by DAE. KEY RATING DRIVERS Positive Outlook : The revision of the Outlook on DAE's Long-Term IDR reflects our view that further strengthening and diversification of DAE's franchise in line with management projections could lead to an improved assessment of its business profile score. In conjunction with maintained or improved financial metrics, this could support an upgrade over the Outlook horizon. Credible Franchise; Sound