Fitch affirms Dubai Aerospace at 'BBB'

Fitch affirmed the credit rating of Dubai Aerospace Enterprise (DAE) at 'BBB' with a stable outlook. The agency also upgraded the rating of Macquarie AirFinance Limited (MAF) to the same rating, following the completion of DAE’s acquisition of the company on July 29, 2026.

Fitch said in a statement that the senior unsecured debt rating of DAE and its sukuk program was also affirmed at 'BBB'.

The agency explained that it raised DAE’s standalone credit profile by one notch to 'bbb', citing the company’s increased scale and improved business diversification after acquiring MAF.

Fitch noted that DAE’s long-term rating is now aligned with its standalone credit profile.

It also upgraded MAF’s long-term rating and its senior unsecured debt rating to 'BBB' from 'BB+' with a stable outlook, after considering the company a core subsidiary of DAE.

The agency confirmed that the acquisition positions DAE as the world’s third-largest aircraft leasing company, with ownership, management, and commitments related to around 1,000 aircraft, up from 506 at the end of 2024.

DAE’s increased scale provides important strategic advantages, such as stronger negotiating power with aircraft manufacturers and airlines, in addition to expanding aircraft remarketing channels as needed.

Fitch expects this expansion will support DAE’s operating performance, earnings, and funding capacity over the medium term.