Fitch Ratings has affirmed Waha Aerospace B.V.’s USD1. 5bn 3.925% guaranteed bond due 2020 at ‘AA’ with a stable outlook following its annual review of the transaction’s performance.
“The notes’ rating relies on an unconditional and irrevocable guarantee provided by Abu Dhabi (AA/Stable/F1+) to the issuer and is therefore linked to the creditworthiness of the guarantor. The guarantor’s obligation under the guarantee is as if it was the sole principal debtor and that obligation continues as long as any amount remains outstanding,” Fitch in a statement said.
“The rating addresses the timely payment of interest and principal on the bonds in accordance with the terms and conditions of the documentation. Interest and principal are due semi-annually, in January and July. As of January 2013, all the interest and principal payments on the bonds have been made when due. The outstanding principal is $1.125billion.”
The bonds were issued to finance the acquisition of Boeing C-17 transportation aircraft by the General Headquarters of UAE Armed Force.