S&P Global Ratings upgraded Dubai Aerospace Enterprise's (DAE) credit rating to just below investment grade this week.
On 26 July S&P moved up DAE's corporate and unsecured debt ratings one notch from BB to BB+ with a stable outlook, citing the successful integration of aircraft lessor AWAS, stable credit metrics and strong liquidity.
"The stable outlook reflects our expectation that DAE's credit metrics will remain relatively unchanged through 2019," says S&P in the action report.
Earlier in the week, Moody's Investor Services affirmed the company's credit rating at Ba2 but moved the outlook from stable to positive. It also affirmed DAE's unsecured debt rating at Ba3 but changed the outlook from stable to positive.
"Moody's revised DAE's rating outlook to positive in recognition of the firm's progress strengthening its credit profile after successfully integrating operations with AWAS," Moody's writes in a 24 July note.
Source: Cirium Dashboard