KBRA Upgrades Class A-1 and Affirms All Other Ratings for TruPS Financials Note Securitization 2020-1
17 Jul 2025 | New York
KBRA upgrades Class A-1 and affirms all other ratings of TruPS Financials Note Securitization 2020-1 Ltd (TFINS 2020-1).
TFINS 2020-1 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 72 assets from 69 obligors with a total collateral par value of $282.9 million and liabilities of $212.2 million. It now contains 49 obligors with a total performing par value of $218.0 million and liabilities of $148.1 million while $0.9 million of defaults were recognized as of the latest portfolio date. The liabilities dropped by $19.0 million while there was no change in deferred interest since last year’s surveillance. The decrease in the Note balances can be attributed to the underlying asset prepayments. The deal maturity is on 15 Apr 2040.
The surveillance used information from the April 2025 trustee report through the April 2025 payment date. All rated notes have received timely interest payments since the transaction closed.
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