...Upgrades Down the Capital Stack: Fitch Ratings upgraded 14 senior notes and 49 mezzanine notes from 31 trust preferred securities (TruPS) CDOs in its 2015 portfolio review of 75 bank and mixed bank and insurance TruPS CDOs. This report highlights the key rating drivers and performance trends behind these rating actions and provides an update to Fitch's report titled "Bank TruPS CDOs: Stabilization Trends Lead to Upgrades" (2013 Performance Report), dated October 2013. Continuing Credit Quality Improvement: Defaulted and deferring bank collateral currently comprises 18.8% of the original collateral balance. This is a significant decrease from 22.5% at the end of 2Q14 and 27.6% at 2Q13 due to a continuing trend of underlying banks curing previous deferrals. The underlying bank scores that measure the credit quality of the collateral continue to improve and are near precrisis levels. Redeferrals Trend Emerges: While issuers curing deferrals have been a positive performance trend since Fitch's...
