Press Release|Structured Credit

KBRA Affirms the Ratings for TruPS Financials Note Securitization 2018-1 Ltd

8 Apr 2024   |   New York


TFINS 2018-1 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, surplus notes, and a bond backed certificate issued by insurance companies and their holding companies.The initial portfolio at closing consisted of 77 assets from 66 obligors with a total collateral par value of $537.8 million and rated liabilities of $467.8 million. It now contains 51 obligors with a total performing par value of $410.0 and rated liabilities of $340.1 million. The performing balance and rated liabilities have both decreased approximately $9.0 million since last year’s surveillance. The Class A Overcollateralization Ratio has improved by approximately 18.4% since closing. Since last year, the K-PD, which adjusts for the asset tenor, decreased slightly from 8.96% to 8.31% while the WAL slightly decreased from 11.4 years to 10.4 years.The surveillance used information from the March 2024 trustee report through the March 2024 payment date. All rated notes have received timely interest payments since the transaction closed.

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Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at

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Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Doc ID: 1003854

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