KBRA Assigns Preliminary Ratings to Willis Engine Structured Trust VIII
3 Jun 2025 | New York
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.
To access ratings and relevant documents, click here.
Click here to view the report.