OREANDA-NEWS. The number of combined defaults and deferrals for U.S. bank TruPS CDOs marginally decreased to 20.7% at the end of February from 20.8% at the end of January, according to the latest index results published today by Fitch Ratings.

In February, three banks representing \$16 million of notional in two CDOs cured. Additionally, one previously cured issuer representing \$5 million of notional in one CDO redeemed its' TruPS. There were no new deferrals or defaults in February.

A defaulted bank with total notional of \$15 million has been exchanged with preferred stock in one TruPS CDO and subsequently the notional has been removed from the index.

Across 78 Fitch-rated TruPS CDOs, 233 defaulted bank issuers remain the portfolio, representing approximately \$5.9 billion of collateral. 164 issuers are currently deferring interest payments on \$1.9 billion of collateral.