Etihad lands highest credit rating

Etihad Airways has received the highest rating from export credit agencies in the US, UK, France and Germany, and also signed US$1 billion (Dh3.67bn) in loan guarantees that will substantially lower its borrowing costs for aircraft deliveries scheduled this year and next.

The guarantees, from the governments of the Organisation for Economic Co-operation and Development, will help the airline gain access to credit markets at competitive rates at a time when the credit crunch has closed down many avenues for airlines to raise cash.

“What this gives is the banks confidence,” said James Hogan, the chief executive of Etihad. “More importantly, it recognises our status as a commercial entity on the global stage.”