Fitch: U.S. Bank TruPS CDOs Combined Default & Deferral Declined

NEW YORK--(BUSINESS WIRE)-- The number of combined defaults and deferrals for U.S. bank TruPS CDOs marginally decreased to 20.7% at the end of February from 20.8% at the end of January, according to the latest index results published today by Fitch Ratings.

In February, three banks representing $16 million of notional in two CDOs cured. Additionally, one previously cured issuer representing $5 million of notional in one CDO redeemed its' TruPS. There were no new deferrals or defaults in February.

A defaulted bank with total notional of $15 million has been exchanged with preferred stock in one TruPS CDO and subsequently the notional has been removed from the index.

Across 78 Fitch-rated TruPS CDOs, 233 defaulted bank issuers remain the portfolio, representing approximately $5.9 billion of collateral. 164 issuers are currently deferring interest payments on $1.9 billion of collateral.

Additional information is available at 'www.fitchratings.com'.

Applicable Criteria and Related Research: Fitch: U.S. Bank TruPS CDOs Combined Default & Deferral Rate Declined

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=863715

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Source: Fitch Ratings

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