Fitch places Macouarte AirFinance on rating watch positive on Dae purchase announced
TL;DR
Fitch revises Macquarie AirFinance's outlook to 'positive' after DAE's $7 billion acquisition announcement, expected to close in late 2026. The deal will expand DAE's fleet and market reach, with risks including regulatory approvals and integration.
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Fitch places Macouarte AirFinance on rating watch positive on Dae purchase announced
Fitch Places Macquarie AirFinance on Rating Watch Positive Following DAE Acquisition Announcement
February 27, 2026
Fitch Ratings has revised the outlook for Macquarie AirFinance (MAF) to "positive" amid the announced acquisition of the aircraft leasing platform by Dubai Aerospace Enterprise (DAE) Ltd. The transaction, valued at approximately US$7 billion, is expected to close in the second half of 2026, pending regulatory approvals.
Under Macquarie Asset Management's (MAM) ownership since 2006, MAF grew to manage a portfolio of 352 commercial aircraft across 48 countries. The sale to DAE, a global aviation services specialist, will expand DAE's fleet to 1,029 owned, managed, or committed aircraft, serving 191 airline customers in 79 countries. The deal is anticipated to add 37 new airline customers and seven new country exposures to DAE's portfolio.
DAE plans to fund the acquisition through a combination of debt and equity, emphasizing prudence to maintain its investment-grade credit ratings. Khalifa AlDaboos, DAE's managing director, highlighted the transaction aligns with the company's strategy to acquire "franchise-enhancing" platforms, while CEO Firoz Tarapore noted the expanded scale will enhance competitive offerings and customer reach.
Macquarie Asset Management retains a 50% stake in MAF and affirmed its commitment to the aviation sector, including lending, leasing, and infrastructure investments. Peter Glaser, MAM's global head of credit & insurance, emphasized the platform's success reflects the firm's expertise in asset-based finance.
Fitch's positive outlook likely reflects DAE's strengthened market position and MAF's operational resilience. The acquisition is expected to more than double DAE's fleet size compared to year-end 2024, though risks remain tied to regulatory approvals and integration challenges.
The transaction underscores ongoing consolidation in the aircraft leasing sector, with both parties emphasizing long-term growth and strategic alignment.
