Dubai, U.A.E., 29 January 2020 – Dubai Aerospace Enterprise (DAE) Ltd. announced today that 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 November 8, 2019. The outlook is stable.

The full press release issued by Moody’s can be found here.

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”.