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10 Aug 2010
U.S.$1,500,000,000 of securities affected
DIFC - Dubai, August 10, 2010 -- Moody's Investors Service has today assigned the following definitive
rating to the notes issued by Waha Aerospace B.V.:
per cent. Guaranteed Bonds due 2020 assigned Aa2
The Aa2 rating of the Notes addresses the expected loss posed to investors
by the legal final maturity, and is based primarily on the guarantee
of interest and principal provided by The Emirate Of Abu Dhabi,
currently rated Aa2 (the "Guarantor").
"Waha Aerospaces' Aa2 ratings are in line with the rating of Abu Dhabi
because the Emirate is unconditionally and irrevocably guaranteeing all
payments in respect of the bonds being issued" says Khalid Howladar,
a Moody's Senior Credit Officer based in Dubai.
The proceeds from the Notes will be used to refinance short term liabilities
and fund the ongoing operations of Waha Aerospace. The borrower
benefits from an unconditional and irrevocable guarantee provided by the
Abu Dhabi government. If the Issuer fails to pay interest or principal
on the Notes, the Guarantor will, pursuant to the guarantee,
promptly pay this shortfall following a notice of demand.
In Moody's opinion the structure allows for timely payment of interest
and ultimate payment of principal at par on or before the rated final
legal maturity date. However, it should be noted that the
documentation allows for a 14 day grace period for interest and 30 day
grace period for principal payments to be made. under the guarantee.
Under the terms of the guarantee, the Guarantor will be liable as
if it were the sole principal debtor and not merely a surety. Noteholder's
can enforce directly against the Guarantor in the event of non payment
from the Issuer and/or the Guarantor, and ultimate timing of any
payments would be dependent on the guarantee.
Moody's has not analysed the credit risk of the underlying Issuer for
this rating assignment and has looked solely to the credit risk of the
publically rated Guarantor for its analysis. The principal methodologies
used in rating this transaction are described in Moody's Special Reports
- Moody's Approach to Rating Repackaged Securities (April 2010)
These reports can be found at www.moodys.com in the Rating
Methodologies subdirectory under the Research & Ratings tab.
Other methodologies and factors that may have been considered in the process
of rating these issuances can also be found in the Rating Methodologies
directory. Further information on Moody's analysis of this transaction
is available on www.moodys.com. In addition,
Moody's publishes a weekly summary of structured finance credit,
ratings and methodologies, available to all registered users of
our website, at www.moodys.com/SFQuickCheck.
Moody's previously assigned provisional ratings to this transaction on
16th July 2010.
Moody's will monitor this rating. Any change in the rating will
be publicly disseminated by Moody's through normal print and electronic
media in accordance with Moody's standard practice at the time.
For further information please visit Moodys.com or contact Moody's
London client service desk on +44 (0) 20 7772-5454.
Frankfurt am Main
MD - Structured Finance
Structured Finance Group
Moody's Deutschland GmbH
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454
DIFC - Dubai
Khalid F. Howladar
VP - Senior Credit Officer
Structured Finance Group
Moody's Middle East Ltd.
Moody's Middle East Limited
Moody's assigns definitive Aa2 ratings to the guaranteed bonds issued by Waha Aerospace B.V.
Gate Village 4, Level 3
P.O. Box 113355
DIFC - Dubai
No Related Data.
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