KBRA assigns a preliminary rating to one series of notes issued by Willis Engine Structured Trust VII (WEST VII), an aviation ABS transaction. WEST VII represents the eighth aviation ABS transaction, and the fifth rated by KBRA, that is sponsored and serviced by Willis Lease Finance Corporation and its affiliates (Willis or the Company). The Company is comprised of over 300 individuals operating out of 11 offices with headquarters in Coconut Creek, Florida.

Proceeds from the notes will be used to acquire a portfolio of 55 assets (the Portfolio); consisting of 34 narrowbody host engines (72.7% by value), three regional jet host engines (7.2% by value), four airframes (2.8% by value), one widebody host engine (2.7% by value) and six turboprop host engines (12.4% by value) on lease to 18 lessees located in 16 countries, and seven narrowbody host engines off-lease (12.4% by value). The Portfolio has an initial value of approximately $567.9 million.

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Related Publications

• Global Aviation ABS Rating Methodology
• 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) is a full-service credit rating agency 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 by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

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