Fitch cuts Willis Engine Trust III

Fitch Ratings said it downgraded the ratings on the outstanding series A and B fixed-rate notes issued by Willis Engine Structured Trust III to A- and BBB- from A and BBB, respectively.

Also, Fitch affirmed the ratings of the outstanding series A and B fixed-rate notes issued by Willis Engine Structured Trust IV, and affirmed the series A, B and C fixed-rate notes issued by Willis Engine Structured Trust V.

“The rating actions reflect the ongoing deterioration of all airline lessee credits backing the aircraft engine leases in the pool, downward pressure on values and lease rates for certain engine types, Fitch’s updated assumptions and stresses and resulting impairments to modeled cash flows and coverage levels,” the agency said in a press release.

The outlook remains negative.

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