(Removes incorrect trading symbol )
(The following statement was released by the rating agency)
Feb 22 - According to latest index results from Fitch Ratings, combined
defaults and deferrals for U.S. bank TruPS CDOs have further decreased to 29.7%
at the end of January from 30.2% at the end of the previous month.
Approximately 0.45% of this drop is attributed to the removal of the defaulted
and deferring collateral of five TruPS CDOs that no longer have outstanding
In January one new bank, totaling $3 million of collateral in one CDO,
defaulted. Additionally, six banks representing $54.5 million of collateral in
eight CDOs resumed interest payments and repaid cumulative deferred interest on
their TruPS. One issuer immediately redeemed upon cure. There were no new
deferrals in January.
At the end of January, 216 bank issuers were in default, representing
approximately $6.4 billion held across 79 TruPS CDOs. Additionally, 333
deferring bank issuers were affecting interest payments on $4.8 billion of
collateral held by 78 TruPS CDOs.
(Caryn Trokie, New York Ratings Unit)