TAYCTred Avon Yacht Club (Oxford, MD)
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TAYC Capital Trust I is a Delaware Statutory Trust, and is an unconsolidated subsidiary of Taylor Capital Group Inc.
Supporting the revision of the Rating Outlook to Negative from Stable, TAYC reported a continued high and increasing level of problem assets.
TAYC also has a book of bank holding and bank loans, which totaled $86 million at March 31, 2011, some of which is nonperforming.
Over the past few quarters, TAYC's credit metrics appear to have stabilized, as TAYC reported lower levels of non-performing assets (NPAs) in dollar terms during the third quarter of 2009 (3Q09) and 4Q09 and only a slight increase in 1Q10.
Underlying the rating action on the preferred level instruments, TAYC faces an increased likelihood of deferral given the potential need to downstream capital.
75% will be paid on 27 June 2014 to security holders of record on 30 June 2014 and the company also mentioned that TAYC Capital Trust I, a Delaware Statutory Trust, is its unconsolidated subsidiary.
Fitch has placed ratings for TAYC and its primary subsidiaries on Rating Watch Negative.
TAYC was successful in completing its September 2008 capital raise, which included the issuance of $60 million of preferred stock and $60 million of bank level subordinated debt.
Fitch has downgraded the long-term IDR of parent company TAYC to 'BB+' to reflect the weakened liquidity position and the parent's increasing dependence on cash flows from the bank to make debt service payments.
In addition to the downgrade of the parent company and trust preferred securities, Fitch has placed all ratings for TAYC and its primary subsidiaries on Rating Watch Negative, signaling the potential for further deterioration
Although TAYC's ratings were previously notched one level below Cole Taylor Bank's ratings, the upgrade to TAYC reflects a return to Fitch's standard notching between parent and bank ratings.
Fitch's ratings for TAYC and its affiliates also reflect the company's solid capital base and liquidity profile, and sound asset quality.