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

CHICAGO--()--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 slightly decreased to 22% at the end of October compared with 22.1% at the end of September.

In October, two deferring banks representing $ 29.5 million of collateral in three CDOs cured their TruPS. Both banks have reached the end of their maximum allowed deferral period. Furthermore, two banks with total notional of $23 million in three CDOs were closed by FDIC in October. There has not been any FDIC closure in Bank TruPS universe since June of this year. National Republic Bank of Chicago with total notional of $15 million jumped to default without prior deferral in contrast to Rising Sun Bancorp that had been deferring on its TruPS since December 2009.

Across 78 Fitch-rated TruPS CDOs, 236 bank defaulted issuers remaining in the portfolio, represent approximately $6.2 billion of collateral. Additionally, 184 issuers are currently deferring interest payments on $2.1 billion of collateral.

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

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=816868

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Contacts

Fitch Ratings
Azadeh Sharif, +1 212-908-0874
Associate Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Alina Pak, CFA, +1 312-368-3184
Senior Director
or
Media Relations, New York
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Azadeh Sharif, +1 212-908-0874
Associate Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Alina Pak, CFA, +1 312-368-3184
Senior Director
or
Media Relations, New York
Sandro Scenga, +1 212-908-0278
sandro.scenga@fitchratings.com