Press Release|Structured Credit
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KBRA Affirms the Ratings for Trapeza CDO X and Trapeza CDO XI

27 Oct 2026   |   New York

Contacts

KBRA affirms the ratings on 9 classes of notes issued by two transactions as follows:

  • Trapeza CDO X, Ltd. (“Trapeza X”)
  • Trapeza CDO XI, Ltd. (“Trapeza XI”)

These transactions are cash flow collateralized debt obligations (“CDOs”) managed by Hildene Collateral Management Company, LLC (“Hildene”), and consist of TruPS securities, surplus notes, and subordinated debt issued by community and regional banks and their holding companies, as well as insurance companies and their holding companies.

Trapeza X’s portfolio at initial rating consisted of 28 assets with a total collateral par value of $193.9 million and liabilities of $322.7 million. It now contains 25 assets with a total performing par value of $177.6 million and liabilities of $324.7 million, while $45.5 million of defaults were recognized as of the latest portfolio date.

Trapeza XI’s portfolio at initial rating consisted of 19 assets with a total collateral par value of $134.3 million and liabilities of $327.1 million. It now contains 17 assets with a total performing par value of $128 million and liabilities of $346 million, while $85.4 million of defaults were recognized as of the latest portfolio date.

Kroll Bond Rating Agency’s (KBRA) ratings on the Class A-1 and A-2 Notes of Trapeza X and Class A-2 and A-3 Notes of Trapeza XI represent timely payment of interest and ultimate payment of principal by the applicable stated maturity date. KBRA’s ratings on the Class B, C-1, and C-2 Notes of Trapeza X and the Class B and C Notes of Trapeza XI consider the ultimate payment of interest and principal by the applicable stated maturity date.

Click here to view the report.

For additional information regarding a specific transaction, see the list below to access ratings, reports, and disclosures:

Related Publications

Methodologies

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the US Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. Kroll Bond Rating Agency Japan K.K. is registered as a CRA with the Japan Financial Services Agency. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.

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