Fitch gives DAE sukuk BBB-

Fitch Ratings said it assigned an expected BBB- rating to DAE Sukuk Ltd.’s planned sukuk issue under Dubai Aerospace Enterprise Ltd.’s $2.5 billion trust certificate issuance program.

“Dubai Aerospace’s ratings are unaffected by today’s rating action. This is principally because Fitch expects the proceeds of the planned issue to be used to reduce existing indebtedness and hence to be broadly neutral to leverage,” Fitch said in a press release.

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