On December 11, 2020, S&P Global Ratings lowered its issuer credit rating on Fly Leasing Ltd to BB- from BB its senior unsecured notes rating to BB- from BB and Fly Funding II S.a.r.l's and Fly Willow Funding Ltd.'s term loans ratings to BB+ from BBB-. The ratings agency expects Fly's earnings and cash flow to remain under pressure through 2021, affected by a slow recovery in global demand for air travel and potential continued pressure on lease collections. The negative outlook reflects the possibility that weakness in demand for air travel could have a more severe impact on the Company's operating results than S&P Global currently expects.

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