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

NEW YORK--()--The number of combined defaults and deferrals for U.S. bank TruPS CDOs remained at 18.8% at the end of July compared to the previous month, according to the latest index results published today by Fitch Ratings.

In July, one issuer representing $3 million of collateral in one CDO, was closed by the FDIC and was marked as defaulted in Fitch's bank TruPS universe. This is the first FDIC bank closure in Fitch rated bank TruPS CDO universe in 2015. One defaulted issuer, with a notional of $5 million in one CDO, was sold from the portfolio with an estimated recovery of 1.6%. There were no new deferrals or cures in July.

Across 76 Fitch-rated TruPS CDOs, 229 defaulted bank issuers remain in the portfolio representing approximately $5.6 billion of collateral. 127 issuers are currently deferring interest payments on $1.5 billion of collateral.

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

Applicable Criteria and Related Research:

--'Bank TruPS CDO Index' (April 29, 2015).

Fitch: U.S. Bank TruPS CDOs Combined Default & Deferral Rate Remained Low
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=870114

Related Research

Bank TruPS CDO Quarterly Index
https://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=865158

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE '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 MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Azadeh Sharif, +1-212-908-0874
Associate Director
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Todor Sapundzhiev, +1-312-368-3198
Associate Analyst
or
Alina Pak, CFA, +1-312-368-3184
Senior Director
or
Media Relations:
Sandro Scenga, +1-212-908-0278
New York
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
Todor Sapundzhiev, +1-312-368-3198
Associate Analyst
or
Alina Pak, CFA, +1-312-368-3184
Senior Director
or
Media Relations:
Sandro Scenga, +1-212-908-0278
New York
sandro.scenga@fitchratings.com