KBRA Affirms the Ratings for TruPS Financials Note Securitization 2017-2 Ltd (TFINS 2017-2)
11 Sep 2024 | New York
KBRA affirms the ratings for three classes of notes of TruPS Financials Note Securitization 2017-2 Ltd (TFINS 2017-2).
TFINS 2017-2 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, surplus notes, and a bond backed certificate issued by insurance companies and their holding companies.
The initial portfolio at closing consisted of 60 assets from 52 obligors with a total collateral par value of $353.0 million and liabilities of $285.9 million. It now contains 33 obligors with a total performing par value of $194.1 million and liabilities of $127.0 million. The balance and liabilities have both dropped by $8.9 million since last year’s surveillance, while no defaults were recognized in the past year. The decrease in the Note balances can be attributed to the underlying asset prepayments. The deal maturity is on 20 Sep 2039. Since last year, the K-PD, which adjusts for the asset tenor, decreased from 12.5% to 8.8% while the WAL decreased from 11.3 to 10.5 years.
The surveillance used information through the June 2024 payment date. All rated notes have received timely interest payments since the transaction closed.
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