Fitch turns Dubai Aerospace view to stable

Fitch Ratings said it changed Dubai Aerospace Enterprise (DAE) Ltd.'s outlook to stable from negative and affirmed the long-term issuer default rating at BBB-. Fitch also affirmed DAE Funding LLC's senior unsecured debt rating and DAE Sukuk (DIFC) Ltd.'s sukuk program and debt ratings at BBB- and DAE's senior secured debt rating at BBB.

The outlook revision reflects the belief that despite an expected uneven and slow recovery for the global commercial aviation industry following the unprecedented downturn in 2020, the company will maintain sufficient headroom relative to Fitch's downgrade triggers for liquidity coverage and gross debt to tangible equity leverage over the outlook horizon, the agency said.

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