KBRA Assigns Preliminary Ratings to Willis Engine Structured Trust VIII

NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to the Series A Notes and Series B Notes issued by Willis Engine Structured Trust VIII (WEST VIII), an aviation ABS transaction. WEST VIII represents the ninth aviation ABS transaction serviced and sponsored by Willis Lease Finance Corporation (the Company ). The Company is comprised of 437 individuals operating out of 10 offices with headquarters in Coconut Creek, Florida. As of March 31, 2025, the Company owned 347 aircraft engines and 16 aircraft.

A portion of the proceeds from the Series A Notes and Series B Notes (together, the Notes) will be used to refinance the existing WEST IV transaction and acquire a portfolio of 64 assets (the Portfolio). The portfolio includes 52 narrowbody host engines (85.7% by value), four widebody host engines (12.0%), six turboprop and regional jet host engines (1.7%), and two narrowbody airframes (0.7%), all on lease to 24 lessees located in 17 jurisdictions. The prior figures include the off-lease assets of which there are five narrowbody host engines (6.5%) and one turboprop host engine (0.3%) that are currently off lease. As of April 15, 2025, the weighted average remaining term of the initial lease contracts (excluding the off-lease assets) is approximately 1.9 years. The Portfolio has an initial value of approximately $726.6 million.

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Methodologies

• ABS: Aviation ABS Global Rating Methodology
• Structured Finance: Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

Doc ID: 1009744