Fitch affirms Etihad Airways

Fitch Ratings said it affirmed Etihad Airways PJSC's long-term issuer default rating at A with a stable outlook and senior unsecured rating at A.

The agency also affirmed at A the trust certificates issued under Unity 1 Sukuk Ltd.'s $3 billion trust certificate issuance program.

“We continue to rate Etihad three notches below its ultimate sole shareholder, Abu Dhabi,” the agency said in a news release.

“Under the GRE criteria we assess three factors as strong – status, ownership and control; support track record and expectations as well as the socio-political implications of a hypothetical GRE default – while we view the financial implications of a potential GRE default factor as moderate.”

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