Fitch Affirms Willis Engine Securitization Trust (WEST)

2008-07-23 23:48:02 -

- Fitch Ratings has affirmed Willis Engine Securitization Trust (WEST) as follows:

--Class 2005-A1 notes at 'A';

--Class 2008-A1 notes at 'A';

--Class 2008-B1 notes at 'BBB'.

Fitch's analysis incorporated expected cash flow to be available to the trust over the remaining life of the transaction. This expectation is based on several factors including supported aircraft type, current portfolio value, potential lease rates, and perceived liquidity of the portfolio. Lease rate and portfolio value expectations have been updated to reflect Fitch's views on certain supported aircraft given the aviation market volatility and significantly elevated fuel prices.

WEST was affirmed as it was found to have credit support consistent with its current ratings.

Fitch will continue to monitor this transaction and update ratings as warranted.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.

Fitch Ratings, Chicago
Bradley Sohl, 312-368-3127
Peter Manofsky, 312-368-2068
Sandro Scenga, 212-908-0278
(Media Relations, New York)