KBRA Affirms the Ratings for TruPS Financials Note Securitization 2019-1 Ltd
10 Feb 2025 | New York
KBRA affirms the ratings for three classes of notes of TruPS Financials Note Securitization 2019-1 Ltd (TFINS 2019-1).
TFINS 2019-1 is a static cash flow CDO and will not allow for any reinvestments in the portfolio. The collateral consists of trust preferred securities (TruPS) issued by community and regional banks and their holding companies, along with TruPS and surplus notes issued by insurance companies and their holding companies.
The initial portfolio at closing consisted of 52 assets from 50 obligors with a total collateral par value of $313.9 million and liabilities of $257.4 million. It now contains 38 obligors with a total performing par value of $253.4 million and liabilities of $204.3 million while $9.0 million of defaults were recognized as of the latest portfolio date.
The liabilities dropped by $2.4 million since last year’s surveillance. The decrease in the Note balances can be attributed to the underlying asset prepayments of $2.4 million. The deal maturity is on 02 Feb 2039. Since last year, the K-PD, which adjusts for the asset tenor, increased from 7.4% to 8.1% while the WAL decreased from 10.0 to 9.1 years.
The surveillance used information from the trustee report through the February 2025 payment date. All rated notes have received timely interest payments since the transaction closed.
To access ratings and relevant documents, click here.
Click here to view the report.