Moody's cuts Doric certificates

Moody's Investors Service said it lowered its ratings assigned to the two enhanced equipment trust certificate financings backed by operating leases to Emirates Airlines: Doric Nimrod Air Finance Alpha Ltd., series 2012-1 class A to Ba3 from Ba1 and DNA Alpha Ltd., series 2013-1 class A to Ba3 from Ba1.

The agency revised the outlook to negative from under review. The downgrades and outlook changes conclude the review for downgrade started on March 27, Moody’s said.

“The ratings downgrades reflect the adverse impacts of the coronavirus on the demand for and secondary-market values of the Airbus A380 aircraft and Emirates' financial performance. The negative outlook reflects the uncertainty of the coronavirus' lasting impact on global demand for air travel and Emirates Airlines' operations and financial position,” Moody’s said in a press release.

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