The credit rating agency Fitch has upgraded Etihad Airways’ long-term credit rating to “AA-” from “A+”, maintaining a stable outlook.
This upgrade reflects a significant improvement in the independent credit status of the airline, which is supported by a substantial enhancement in operational performance.
The agency attributed this assessment to the continuous improvement in the airline’s key performance indicators projected through 2025.
Following the completion of a restructuring plan in 2022 and a significant capital injection in 2023, the airline is currently benefiting from a more efficient cost base along with a stronger capital structure.
Operational performance is expected to keep improving through 2025, correlating with all main performance metrics such as capacity, load factor, and cost management, which will foster robust growth in absolute terms and an increase in profit margins before interest, taxes, depreciation, and rent, alongside further debt reduction.
Fitch highlighted the airline’s strong performance in the first nine months of 2025: Etihad Airways reported impressive results during this period, with earnings before interest, taxes, depreciation, and amortization rising by 27% year-on-year, driven by a significant expansion in passenger and cargo traffic.
The number of available seat kilometers increased by 17%, attributed to the expansion of its route network and the addition of 19 aircraft, including three Airbus A321LRs.
The agency also forecasts that earnings before interest, taxes, depreciation, and amortization will reach approximately 5.7 billion dirhams for the entire year of 2025, with a profit margin of 19%, compared to 18.4% in 2024.