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Global Credit Research - 18 Nov 2010
New York, November 18, 2010 -- Moody's Investors Service announced today that it has downgraded notes
issued by Preferred Term Securities V, Ltd.
U.S. $201,450,000 Floating Rate Mezzanine
Notes, due April 3, 2032, (current balance of $12,231,415.52),
Downgraded to Caa3 (sf); previously on March 27, 2009 Downgraded
to Ba3 (sf).
Preferred Term Securities V, Ltd., issued on March
26, 2002, is a collateral debt obligation backed by a static
portfolio of bank trust preferred securities (the 'TRUP CDO').
On March 27, 2009, the last rating action date, Moody's
downgraded the class of notes as a result of the application of revised
and updated key monitoring assumptions, as well as the deterioration
in the credit quality of the transaction's underlying portfolio.
Today's rating action on the notes is the result of increase of
the assumed defaulted amount. There are three assets remaining
in the transaction and all are assumed to be non-performing by
the trustee as of the last report in September 29, 2010.
The Class B Mezzanine Principal Coverage Test is reported at 11.40%.
Moody's is also in receipt of an Event of Default notice dated as
of October 15, 2009.
The credit deterioration exhibited by this portfolios is a reflection
of the continued pressure in the banking sector as the number of bank
failures and interest deferrals of trust preferred securities issued by
banks has continued to increase. According to FDIC data,
since the last rating action an additional 265 banks have failed with
a current total of 314 bank failures since the onset of current economic
crisis in 2007. In Moody's opinion, the banking sector outlook
continues to remain negative.
The principal methodologies used in this rating were "Moody's Approach
to Rating U.S. Bank Trust Preferred Security CDOs" published
in June 2010 and "Updated Approach to the Usage of Credit Estimates in
Rated Transactions" published in October 2009.
Moody's Investors Service did not receive or take into account a
third-party due diligence report on the underlying assets or financial
instruments related to the monitoring of this transaction in the past
The transaction's portfolio was not modeled.
Information sources used to prepare the credit rating are the following:
parties involved in the ratings, public information, confidential
and proprietary Moody's Investors Service information, and confidential
and proprietary Moody's Analytics information.
Moody's Investors Service considers the quality of information available
on the issuer or obligation satisfactory for the purposes of maintaining
a credit rating.
Further information on Moody's analysis of this transaction is available
on www.moodys.com. In addition, Moody's publishes
a weekly summary of structured finance credit, ratings and methodologies,
available to all registered users of our web site, at www.moodys.com/SFQuickCheck.
Moody's adopts all necessary measures so that the information it uses
in assigning a credit rating is of sufficient quality and from sources
Moody's considers to be reliable including, when appropriate,
independent third-party sources. However, Moody's
is not an auditor and cannot in every instance independently verify or
validate information received in the rating process.
Please see ratings tab on the issuer/entity page on Moodys.com
for the last rating action and the rating history.
The date on which some Credit Ratings were first released goes back to
a time before Moody's Investors Service's Credit Ratings were fully digitized
and accurate data may not be available. Consequently, Moody's
Investors Service provides a date that it believes is the most reliable
and accurate based on the information that is available to it.
Please see the ratings disclosure page on our website www.moodys.com
for further information.
Please see the Credit Policy page on Moodys.com for the methodologies
used in determining ratings, further information on the meaning
of each rating category and the definition of default and recovery.
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
Senior Vice President
Structured Finance Group
Moody's Investors Service
Moody's Investors Service
Moody's downgrades one class of notes issued by Preferred Term Securities V, Ltd., a TRUP CDO
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