We continue to see stabilization and improved performance across many of the transactions in our directly insured  TruPs  CDO portfolio. The banking sector continues to face increasing pressure from regulatory compliance costs, limited growth in  loan portfolio and reduced earnings from a flattening yield curve. Smaller community banks, which comprise a significant  portion of the issuers in our directly insured  TruPs CDO portfolio, face these pressures most acutely , due to additional pressure  from their lack of economies of scale, limited revenue resources and often undiversified businesses. Notwithstanding these  pressures, the collateral fundamentals of the bank issuers within these insured transactions continue to show improved  performance. The number of cures of previous defaults and the repayment of interest payments previously deferred on the  TruPs collateral has outpaced new initial defaults and interest payment deferrals by the  TruPs issuers, which is permissible for  up to five years. The insurance company issuers in our TruPs CDO portfolio generally remain stable.  As of December 31, 2012,  our weighted average rating for our directly insured  TruPs bonds improved from BB at December 31, 201 1 to BBB- as of  December 31, 2012, primarily due to the CDO Commutation Transactions. As of December 31, 2012, $314.4 million of our net  par outstanding related to three of the  TruPs bonds we insure was rated BIG. The following table provides additional detail regarding the scheduled maturity , net par outstanding, remaining principal  subordination and interest coverage ratio for each of our insured  TruPs bonds as of the dates indicated: (1)  Reflects the amount of principal subordination (expressed as a percentage of the principal of the total collateral pool)  remaining beneath our insured TruPs bond, after giving ef fect to paydowns or redemptions (“amortization”) of collateral  and actual defaults and assuming no recoveries of principal on the defaulted  TruPs. Notwithstanding this principal  subordination, it is possible that the remaining performing collateral in these transactions will not generate suf ficient cash  to pay interest on our insured TruPs bonds. In this event, we may be required to make a claim payment in respect of  interest, even on transactions where subordination remains to cover principal payments. (2)  Reflects the amount of principal subordination (expressed as a percentage of the principal of the total collateral pool)  remaining beneath our insured TruPs bond, after giving ef fect to deferrals of interest payments on the  TruPs collateral, as  well as amortization and actual defaults, assuming no recoveries of principal on the defaulted or deferred  TruPs. TruPs  Bond CDS Termination Date  TruPs CDO Maturity Date Net Par Outstanding Subordination after defaults (%)  Subordination after defaults and deferrals (%) (2) Interest Coverage Ratio (3) December 31, 2012 December 31, 2012 December 31, 2012 December 31, 2011 December 31, 2012 December 31, 2011 (In millions) (1) 1 . . . 11/2016 (4) 9/2037 $ 103.5 48.4% 45.3% 34.5% 374.2% 251.4% 11/2017 (4)(5) 9/2037 71.2 48.4 45.3 34.5 374.2 251.4 2 . . . 12/2016 (4) 3/2037 115.4 41.8 31.6 27.8 300.3 201.2 3 . . . 3/2017 (4)(5) 9/2036 96.1 54.3 49.0 44.4 312.6 335.5 4 . . . 9/2036 9/2036 153.8 54.3 49.0 44.4 312.6 335.5 9/2017 (4)(5) 12/2036 67.8 46.4 30.1 29.1 295.5 312.9 5 . . . 10/2017 (4)(5) 7/2037 127.7 40.4 32.5 24.7 219.4 107.7 6 . . . 1/2033 1/2033 19.1 80.7 76.4 55.2 831.5 320.7 7 . . . 9/2033 9/2033 69.4 53.1 42.9 41.8 356.2 351.8 8 . . . 12/2033 12/2033 20.9 65.4 58.1 43.2 365.2 364.4 9 . . . 10/2034 10/2034 39.7 51.7 38.4 30.9 568.4 454.8 10 . . 6/2036 6/2036 83.8 42.6 30.0 31.7 324.8 456.1 11 . . 12/2036 12/2036 118.2 50.8 47.6 43.3 682.1 636.5 Total $ 1,086.6 126