OREANDA-NEWS. June 09, 2015. Fitch Ratings has affirmed Waha Aerospace B.V.'s USD1.5bn 3.925% guaranteed bond due 2020 at 'AA' with a Stable Outlook.

KEY RATING DRIVERS
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 were the sole principal debtor and that obligation continues as long as any amount remains outstanding.

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 end-January 2015, all the interest and principal payments on the bonds have been made when due.

RATING SENSITIVITIES
If Abu Dhabi's Long-Term Issuer Default Rating is downgraded, this would automatically result in the downgrade of the notes. An upgrade of Abu Dhabi's rating will result in an upgrade of the notes.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.

DATA ADEQUACY
Fitch has checked the consistency and plausibility of the information it has received about the performance of the asset pool and the transaction. There were no findings that were material to this analysis. Fitch has not reviewed the results of any third party assessment of the asset portfolio information or conducted a review of origination files as part of its ongoing monitoring.

Fitch did not undertake a review of the information provided about the underlying asset pool ahead of the transactions' initial closing. The subsequent performance of the transaction over the years is consistent with the agency's expectations given the operating environment and Fitch is therefore satisfied that the asset pool information relied upon for its initial rating analysis was adequately reliable.

Overall, Fitch's assessment of the information relied upon for the agency's rating analysis according to its applicable rating methodologies indicates that it is adequately reliable.

SOURCES OF INFORMATION
Confirmation of payment of principal and interest per the programme memorandum provided by Deutsche Bank as at January 2015.