CHICAGO--(BUSINESS WIRE)--According to the latest index results published today by Fitch Ratings, the number of combined defaults and deferrals for U.S. bank TruPS CDOs has declined to 25.8% at the end of January compared to 26.5% at the end of December.
Approximately 0.22% of this drop is attributed to the removal of the defaulted and deferring collateral of one TruPS CDO that is no longer rated by Fitch, and the remainder of the difference is due to new cures and redemptions.
Two issuers, representing $12 million in collateral across three CDOs, defaulted during the month. Both had been previously deferring on their TruPS interest payments. Nine issuers, representing $162 million in collateral across 22 CDOs, cured their previous deferrals. There were no new deferrals.
Across 78 TruPS CDOs, 223 bank issuers have defaulted and remain in the portfolio, representing approximately $6.4 billion of collateral. Additionally, 251 issuers are currently deferring interest payments on $3.3 billion of collateral. This compares to 329 deferring issuers totaling $4.5 billion of collateral at this time a year ago.
Additional information is available at 'www.fitchratings.com'.
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Fitch: U.S. Bank TruPS CDOs Combined Default & Deferral Rate Declined