Dubai Aerospace Enterprise (DAE) Ltd. today announced that it has signed a new unsecured US$720 million revolving credit facility with a group of nine international banks based in US, Europe and Asia. The credit facility has a five-year maturity.
Firoz Tarapore, Chief Executive Officer of DAE, said, "This new revolving credit facility will significantly boost our liquidity profile and accord us enhanced flexibility to act expeditiously on market opportunities to acquire assets and grow our business. In October, DAE received its first investment grade rating of BBB+ and this strengthening of our liquidity profile and overall financial position is consistent with our publicly stated intent of achieving investment grade ratings from all major credit rating agencies."
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