Press Release|ABS
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KBRA Assigns Preliminary Ratings to Willis Engine Structured Trust IX

10 Dec 2025   |   New York

Contacts

KBRA assigns preliminary ratings to the Series A Notes issued by Willis Engine Structured Trust IX (WEST IX), an aviation ABS transaction. WEST IX represents the tenth aviation ABS transaction serviced and sponsored by Willis Lease Finance Corporation (the Company ). The Company is comprised of 495 individuals operating out of 10 offices with headquarters in Coconut Creek, Florida. As of September 30, 2025, the Company owned 354 aircraft engines and 20 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 III and WEST VII transactions and acquire a portfolio of 49 assets (the Portfolio); consisting of 46 narrowbody host engines (97.1% by value), one regional jet host engine (0.8%), and two narrowbody airframes (2.1%) on lease to 19 lessees located in 14 jurisdictions as well as five narrowbody host engines (12.9%) and one regional host engine (0.8%) off lease. As of October 31, 2025 (the Cutoff Date), the weighted average remaining term (excluding the off lease assets) of the initial lease contracts is approximately 2.5 years. The Portfolio has an initial value of approximately $462.3 million

To access ratings and relevant documents, click here.

Click here to view the report.

Methodologies

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: 1012656