...This criteria report details Fitch Ratings' methodology for analyzing trust-preferred collateralized debt obligations (TruPS CDOs). It outlines the qualitative and quantitative factors considered in Fitch's analysis of TruPS CDOs. This report replaces Fitch Research on "Surveillance Criteria for Trust Preferred CDOs," published July 2013, and is supplemented by other Fitch Research referenced to the left. TruPS CDOs are collateralized by unsecured instruments typically issued by small- to medium-sized banks, insurers and real estate investment trusts (REITs). These criteria apply to TruPS CDOs collateralized by predominantly bank and insurance issued securities. REIT-issued TruPS are analyzed under criteria titled "Global Rating Criteria for Structured Finance CDOs," dated September 2013, available on Fitch's website at www.fitchratings.com. This report does not apply to five Fitch-rated TruPS CDOs collateralized by securities issued by EU entities. These transactions are analyzed under...