CORRECTION TO TEXT: MOODY'S DOWNGRADES TOBACCO-RELATED SECURITIZATIONS FOLLOWING DOWNGRADE OF ALTRIA

Moody's Investors Service today downgraded its ratings on outstanding tobacco settlement-related securitizations following the downgrade of Altria Group, Inc., the parent of Philip Morris USA. Rating actions were taken on both the tobacco settlement receivable transactions and the legal fee settlement transactions. The rating actions follow Moody's downgrade of Altria Group Inc. ("Altria"), Kraft Foods Inc., Kraft Foods North America ("KFNA"), and Philip Morris Capital Corp. on March 31, 2003. Altria is a holding company, controlling 100% of Philip Morris International, Philip Morris USA and Philip Morris Capital Corp., and 84% of Kraft Foods Inc. Altria's senior unsecured rating was downgraded to Baa1 from A2 while its commercial paper rating was downgraded to Prime-2 from Prime-1.


The complete rating actions on the states' and counties' tobacco settlement receivable securitizations are listed at the end of this press release. A summary of the actions is as follows:


Aa1 rated securities were downgraded to A1

Aa2 rated securities were downgraded to A2

Aa3 rated securities were downgraded to A3

A1 rated securities were downgraded to A3

A2 rated securities were downgraded to A3

A3 ratings remain on watch

Baa2 ratings remain on watch


The complete rating actions on the legal fee settlement transactions are listed at the end of this press release. A summary of the actions is as follows:


Aa3 rated securities were downgraded to A1

A2 rated securities were downgraded to A3

Baa3 ratings remain on watch




THE RATINGS ON ALL SECURITIES REMAIN ON WATCH FOR POSSIBLE FURTHER DOWNGRADE.


The rating action on the tobacco settlement receivables securitizations was prompted by two changes: (1) the downgrade of Altria's long-term rating from A2 to Baa1, and (2) as the Miles case illustrates, the increased vulnerability of companies, such as large tobacco companies, to very adverse litigation in difficult jurisdictions.


On March 31, 2003, Moody's cited some of the following reasons for its downgrade of Altria:


(1) The inability of Philip Morris USA to satisfy a worst-case bonding requirement in the Miles case on the basis of its existing liquidity resources;

(2) The apparent inability of Altria to support Philip Morris USA immediately, given the current status of Altria's sources of liquidity; and,

(3) The rise in the overall litigation risk profile of Altria.


Philip Morris USA ("Philip Morris") retains about a 50% share of the tobacco market, and payments from Philip Morris represent roughly 50% of the cash flows payable under the Master Settlement Agreement (the "MSA"), which settled litigation between the states and the tobacco manufacturers relating to Medicare claims.



"The credit rating of a tobacco manufacturer is an indication of the likelihood of its bankruptcy. For a bankruptcy of a tobacco manufacturer to result in substantial losses to the tobacco settlement transactions, a series of adverse events would need to occur: bankruptcy, retention of significant market share by the bankrupt manufacturer, rejection of the MSA in bankruptcy, and failure of the Model Statute," said Nicolas Weill, a senior vice president in Moody's asset finance group.


"This downgrade reflects a change in the creditworthiness of Philip Morris, an important party to the MSA, which alters the probability of these events and could ultimately have a significant impact on the cash flows to the tobacco settlement transactions," added Weill.


While Moody's still believes that the possibility of a bankruptcy by Philip Morris remains low, the Miles case illustrates the vulnerability of companies, such as large tobacco companies, to very adverse litigation in difficult jurisdictions.


As mentioned in Moody's press release dated March 31, 2003, regarding the downgrade of Altria, a failure of Philip Morris to make the $2.5 billion payment due April 15, 2003 under the MSA could cause additional further downgrades of the fundamental credit rating of Altria as well as the tobacco settlement-related securitizations.


The original ratings on the tobacco settlement receivable securitizations were not consistent with the increased volatility of tobacco industry performance resulting from the Miles case. As a result, the following rating actions have been taken:




THE RATINGS ON ALL SECURITIES REMAIN ON WATCH FOR POSSIBLE FURTHER DOWNGRADE.




Tobacco Settlement Receivable Securitizations


Issuer: Alabama 21st Century Authority (Series 2000)

Downgraded to A1 from Aa1

$26,150,000 Fixed Rate Serial Bonds; Rated Maturities of 2001 to 2013

$9,050,000 Fixed Sinking Fund Term Bonds; Rated Maturity Date of December 1, 2016

$14,800,000 Fixed Sinking Fund Term Bonds; Rated Maturity Date of December 1, 2020




Issuer: Alabama 21st Century Authority (Series 2001)

Downgraded to A1 from Aa1

$78,980,000 Serial Bonds; Rated Maturities of 2003 to 2019

$24,780,000 Term Bonds; Rated Maturity of December 1, 2021




Issuer: Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds Series 2001

Downgraded to A2 from Aa2

$12,925,000 Series 2001 Serial Bonds; Rated Maturities of December 2003 to December 2012

$6,950,000 Series 2001 Term Bonds; Maturity Date of December 2016

$31,765,000 Series 2001 Term Bonds; Maturity Date of December 2028

$8,360,000 Series 2001 Term Bonds; Maturity Date of December 2041




Issuer: Badger Tobacco Asset Securitization Corporation Tobacco Settlement Asset-Backed Bonds

Downgraded to A3 from A1

$203,675,000 Tax-Exempt Serial Bonds; Rated Maturity Dates of 2005 to 2012

$209,260,000 Tax-Exempt Fixed Term Bonds; Rated Maturity Date of June 1, 2017

$663,690,000 Tax-Exempt Turbo Term Bonds; Rated Maturity Date of June 1, 2027

$100,000,000 Tax-Exempt Turbo Term Bonds; Rated Maturity Date of June 1, 2028

$414,470,000 Tax-Exempt Turbo Term Bonds; Rated Maturity Date of June 1, 2032




Issuer: California Statewide Financing Authority (Pooled Tobacco Securitization Program)

Downgraded to A3 from A1

$10,090,000 Series 2002A Tax-Exempt Serial Bonds; Rated Maturity Dates of 2005 to 2017

$28,045,000 Series 2002A Tax-Exempt Term Bonds; Rated Maturity Date of May 1, 2029

$27,540,000 Series 2002A Tax-Exempt Term Bonds; Rated Maturity Date of May 1, 2037

$33,095,000 Series 2002A Tax-Exempt Term Bonds; Rated Maturity Date of May 1, 2043

$9,980,000 Series 2002B Tax-Exempt Serial Bonds; Rated Maturity Dates of 2005 to 2017

$27,765,000 Series 2002B Tax-Exempt Term Bonds; Rated Maturity Date of May 1, 2029

$27,265,000 Series 2002B Tax-Exempt Term Bonds; Rated Maturity Date of May 1, 2037

$32,765,000 Series 2002B Tax-Exempt Term Bonds; Rated Maturity Date of May 1, 2043




Issuer: Children's Trust, Series 2002 (Commonwealth of Puerto Rico)

Downgraded to A3 from A1

$93,460,000 Series 2002 Tax Exempt Serial Bonds; Rated Maturity Dates of 2008 to 2014

$471,105,000 Series 2002 Tax Exempt Turbo Term Bonds; Rated Maturity Dates of May 15, 2033

$310,380,000 Series 2002 Tax Exempt Turbo Term Bonds; Rated Maturity Dates of May 15, 2039

$296,255,000 Series 2002 Tax Exempt Turbo Term Bonds; Rated Maturity Dates of May 15, 2043




Issuer: District of Columbia Tobacco Settlement Financing Corporation, Series 2001

Downgraded to A3 from A1

$49,600,000 Serial Bonds, Rated Maturities 2008 through 2014

$114,855,000 Term Bonds; Final Maturity Date of May 15, 2024

$169,110,000 Term Bonds; Final Maturity Date of May 15, 2033

$187,540,000 Term Bonds; Final Maturity Date of May 15, 2040

Issuer: Educational Enhancement Funding Corporation, Series 2002A and 2002B (South Dakota)

Downgraded to A3 from Aa3

$148,505,000 Series 2002A Taxable Term Bonds; Rated Maturity Date of June 1, 2025

Downgraded to A3 from A1

$129,540,000 Series 2002B Tax Exempt Term Bonds; Rated Maturity Date of June 1, 2032




Issuer: Erie Tobacco Asset Securitization Corporation, Series 2000A and 2000B

Downgraded to A3 from Aa3

$20,090,000 Series 2000A Senior Serial Bonds; Rated Maturities of 2005 to 2015

Downgraded to A3 from A1

$17,380,000 Series 2000A Senior Term Bonds; Rated Maturity Date of July 15, 2020

$16,825,000Series 2000A Senior Term Bonds; Rated Maturity Date of July 15, 2024

$36,060,000 Series 2000A Senior Term Bonds; Rated Maturity Date of July 15, 2030

$17,500,000Series 2000A Senior Term Bonds; Rated Maturity Date of July 15, 2032

$89,130,000 Series 2000A Senior Term Bonds; Rated Maturity Date of July 15, 2040

Remain on Watch at Baa2

$49,340,000 Series 2000B Subordinated Term Bonds; Rated Maturity Date of July 15, 2040




Issuer: Golden State Tobacco Securitization Corporation (State of California)

Downgraded to A3 from A1

$77,350,000 Series 2003A-1 Serial Bonds; Rated Maturity Dates of 2006 to 2013

$254,540,000 Series 2003A-1 Turbo Term Bonds; Rated Maturity Date of June 1, 2021

$1,073,880,000 Series 2003A-1 Turbo Term Bonds; Rated Maturity Date of June 1, 2033

$1,004,775,000 Series 2003A-1 Turbo Term Bonds; Rated Maturity Date of June 1, 2039

$214,455,000 Series 2003A-1 Turbo Term Bonds; Rated Maturity Date of June 1, 2040

$375,000,000 Series 2003A-2 through 2003A-5 Auction Rate Turbo Term Bonds; Rated Maturity Date of June 1, 2042




Issuer: Guam Economic Development Authority, Series 2001A and 2001B

Downgraded to A3 from A2

$3,397,980 Capital Appreciation Fixed Serial Bonds; Rated Maturities of May 15, 2008 to May 15, 2012

$8,585,000 Supersinker Term Bonds; Rated Maturities of May 15, 2022 and May 15, 2031

$3,724,479 Capital Appreciation Fixed Serial Bonds; Rated Maturities of May 15, 2013 to May 15, 2016

$9,770,000 Supersinker Term Bonds; Rated Maturities of May 15, 2041




Issuer: Monroe Tobacco Asset Securitization Corporation, Series 2000

Downgraded to A3 from A1

$11,430,000 Fixed Rate Serial Bonds; Rated Maturities of 2002 to 2015

$11,165,000 Fixed Sinking Fund Term Bond; Rated Maturity Date of June 1, 2019

$28,935,000 Flexible Sinking Fund Term Bonds; Rated Maturity Date of June 1, 2025

$64,630,000 Flexible Sinking Fund Term Bonds; Rated Maturity Date of June 1, 2025

$47,240,000 Flexible Sinking Fund Term Bonds; Rated Maturity Date of June 1, 2025




Issuer: Nassau County Tobacco Settlement Corporation

Downgraded to A3 from A1

$18,575,000 Series A Tax Exempt Bonds; Rated Maturity Dates of 2003 to 2012

Downgraded to A3 from A2

$53,785,000 Series A Tax Exempt Bonds; Rated Maturity Dates from 2013 to 2022

$56,820,000 Series A Tax Exempt Bonds; Rated Maturity Dates from 2022 to 2027


Remain on Watch

$80,135,000 Series A Tax Exempt Bonds; Rated Maturity Dates from 2027 to 2033

$85,185,000 Series A Tax Exempt Bonds; Rated Maturity Dates from 2033 to 2039




Issuer: New York Counties Trust I, Series 2000

Downgraded to A3 from A1

$15,520,000 Serial Bonds; Rated Maturities of 2002 to 2015

$14,890,000 Fixed Term Bonds; Rated Maturity Date of June 1, 2019

$24,720,000 Flexible Amortization Term Bond; Rated Maturity Date of June 1, 2023

$39,710,000 Flexible Amortization Term Bond; Rated Maturity Date of June 1, 2028

$60,450,000 Flexible Amortization Term Bond; Rated Maturity Date of June 1, 2035

$71,840,000 Flexible Amortization Term Bond; Rated Maturity Date of June 1, 2042




Issuer: New York Counties Trust II, Series 2001

Downgraded to A3 from A1

$16,050,000 Series 2001 Serial Bonds; Maturity Dates of June 1, 2006 to June 1, 2016

$48,370,000 Series 2001 Supersinker Term Bonds; Maturity Date of June 1, 2025

$68,005,000 Series 2001 Supersinker Term Bonds; Maturity Date of June 1, 2035

$82,795,000 Series 2001 Supersinker Term Bonds; Maturity Date of June 1, 2043




Issuer: Niagara Tobacco Asset Securitization Corporation

Downgraded to A3 from A1

$8,845,000 Serial Bonds; Rated Maturities of 2013 to 2022

$750,000 Term Bonds; Rated Maturity Date of May 15, 2011

$810,000 Term Bonds; Rated Maturity Date of May 15, 2013

$11,995,000 Term Bonds; Rated Maturity Date of May 15, 2029

$10,575,000 Term Bonds; Rated Maturity Date of May 15, 2034

$14,945,000 Term Bonds; Rated Maturity Date of May 15, 2040




Issuer: Northern Tobacco Securitization Corporation, Series 2000 (Alaska)

Downgraded to A3 from Aa3

$28,765,000 Series 2000 Serial Bonds; Rated Maturities of 2008 to 2013

$41,470,000 Series 2000 Term Bonds; Rated Maturity Date of June 1, 2021

$45,815,000 Series 2000 Term Bonds; Rated Maturity Date of June 1, 2031




Issuer: Northern Tobacco Securitization Corporation, Series 2001 (Alaska)

Downgraded to A3 from Aa3

$8,995,000 Series 2001 Serial Bonds; Rated Maturities of 2003 and 2008-2011

$33,595,000 Series 2000 Term Bonds; Rated Maturity Date of June 1, 2015

$30,035,000 Series 2000 Term Bonds; Rated Maturity Date of June 1, 2021

$54,205,000 Series 2000 Term Bonds; Rated Maturity Date of June 1, 2029




Issuer: Rensselaer Tobacco Asset Securitization Corporation

Downgraded to A3 from A1

$2,600,000 Serial Bonds; Rated Maturities of 2006 to 2016

$7,710,000 Term Bonds; Maturity Date of June 1, 2025

$10,890,000 Term Bonds; Maturity Date of June 1, 2035

$13,355,000 Term Bonds; Maturity Date of June 1, 2043




Issuer: Rockland Tobacco Asset Securitization Corporation

Downgraded to A3 from A1

$1,900,000 Serial Bonds; Rated Maturities of 2006 to 2013

$12,005,000 Term Bonds; Maturity Date of August 15, 2025

$15,225,000 Term Bonds; Maturity Date of August 15, 2035

$18,620,000 Term Bonds; Maturity Date of August 15, 2043




Issuer: The California County Tobacco Securitization Agency (Fresno County Tobacco Funding Corporation), Series 2002

Downgraded to A3 from A1

$9,925,000 Tax-Exempt Serial Bonds; Rated Maturity Dates of June 1, 2005 to June 1, 2015

$17,035,000 Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2023

$12,230,000 Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2027

$35,265,000 Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2035

$18,500,000 Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2038




Issuer: The California County Tobacco Securitization Agency (Gold Country Settlement Funding Corporation), Series 2002

Downgraded to A3 from A1

$17,795,000 Series 2002 Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2027

$23,795,000 Series 2002 Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2038




Issuer: The California County Tobacco Securitization Agency (Golden Gate Tobacco Funding Corporation), Series 2002

Downgraded to A3 from A1

$16,205,000 Series 2002A Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2030

$15,040,000 Series 2002A Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2043

$3,100,000 Series 2002B Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2015

Issuer: The California County Tobacco Securitization Agency (Merced County Tobacco Funding Corporation), Series 2002

Downgraded to A3 from A1

$3,740,000 Series 2002B Taxable Term Bonds; Rated Maturity Date of June 1, 2018

$11,240,000 Series 2002A Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2033

$15,535,000 Series 2002A Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2043



Issuer: The California County Tobacco Securitization Agency (Sonoma County Securitization Corporation), Series 2002

Downgraded to A3 from A1

$14,720,000 Series 2002B Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2020

$15,285,000 Series 2002B Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2030

$37,405,000 Series 2002A Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2043



Issuer: The California County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corporation), Series 2002

Downgraded to A3 from A1

$8,090,000 Series 2002B Taxable Term Bonds; Rated Maturity Date of June 1, 2019

$24,490,000 Series 2002A Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2033

$34,725,000 Series 2002A Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2043

Issuer: The California County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corporation), Series 2002

Downgraded to A3 from A1

$23,330,000 Series 2002 Tax-Exempt Serial Bonds; Rated Maturity Dates of 2003 to 2012

$24,290,000 Series 2002 Tax-Exempt Turbo Bonds; Rated Maturity Date of June 1, 2019

$51,485,000 Series 2002 Tax-Exempt Turbo Bonds; Rated Maturity Date of June 1, 2029

$45,170,000 Series 2002 Tax-Exempt Turbo Bonds; Rated Maturity Date of June 1, 2035

$76,250,000 Series 2002 Tax-Exempt Turbo Bonds; Rated Maturity Date of June 1, 2042



Issuer: The Children's Trust Fund, Series 2000 (Commonwealth of Puerto Rico)

Downgraded to A3 from Aa3

$135,895,000 Series 2000 Serial Bonds; Rated Maturities of 2002 to 2014

$118,985,000 Series 2000 Term Bonds; Rated Maturity Date of July 1, 2020

$142,125,000 Series 2000 Term Bonds; Rated Maturity Date of July 1, 2026



Issuer: Tobacco Securitization Authority of Northern California (Sacramento County)

Downgraded to A3 from A1

$16,585,000 Series 2001B Serial Bonds; Rated Maturities of June 2003 to June 2014

$25,160,000 Series 2001B Term Bonds; Maturity Date of June 2021

$36,260,000 Series 2001B Term Bonds; Maturity Date of June 2028

$25,410,000 Series 2001A Term Bonds; Maturity Date of June 2031

$96,205,000 Series 2001A Term Bonds; Maturity Date of June 2041



Issuer: Tobacco Securitization Authority of Southern California (San Diego County)

Downgraded to A3 from A1

$32,025,000 Series 2001ASerial Bonds; Rated Maturities from 2003 to 2015

$78,325,000 Series 2001A Term Bonds; Final Maturity Date of 2027

Downgraded to A3 from A2

$124,890,000 Series 2001A Term Bonds; Final Maturity Date of 2036

Remain on Watch at A3

$162,865,000 Series 2001A Term Bonds; Final Maturity Date of 2043

Remain on Watch at Baa2

$68,735,000 Series 2001B Term Bonds; Final Maturity Date of 2043



Issuer: Tobacco Settlement Authority (State of Iowa)

Downgraded to A3 from Aa3

$40,000,000 Series 2001ATerm Bonds; Final Maturity Date of June 1, 2010

$61,310,000 Series 2001B Serial Bonds; Final Maturity Date of June 1, 2011 through 2014

Downgraded to A3 from A1

$205,850,000 Series 2001B Term Bonds; Final Maturity Date of June 1, 2025

$337,085,000 Series 2001B Term Bonds; Final Maturity Date of June 1, 2035



Issuer: Tobacco Settlement Authority, Series 2002 (State of Washington)

Downgraded to A3 from A1

$58,625,000 Tax-Exempt Serial Bonds; Rated Maturity Dates of 2005, 2006, 2008, 2009, 2010, 2011, and 2012

$279,775,000 Tax-Exempt Turbo Term Bonds; Rated Maturity Date of June 1, 2026

$179,505,000 Tax-Exempt Turbo Term Bonds; Rated Maturity Date of June 1, 2032




Issuer: Tobacco Settlement Financing Corporation (Rhode Island)

Downgraded to A3 from A1

$35,660,000 Series 2002B Taxable Term Bonds; Rated Maturity Date of June 1, 2012

$109,770,000 Series 2002A Tax Exempt Term Bonds; Rated Maturity Date of June 1, 2023

$168,260,000 Series 2002A Tax Exempt Term Bonds; Rated Maturity Date of June 1, 2032

$371,700,000 Series 2002A Tax Exempt Term Bonds; Rated Maturity Date of June 1, 2042



Issuer: Tobacco Settlement Financing Corporation (Virgin Islands), Series 2001

Remain on Watch at A3

$8,210,000 Convertible Capital Appreciation Serial Bonds; Rated Maturities of 2008 to 2014

$7,430,000 Term Bonds; Rated Maturity of May 15, 2021

$8,045,000 Term Bonds; Rated Maturity of May 15, 2031


Issuer: Tobacco Settlement Financing Corporation (Commonwealth of Virginia)

Downgraded to Prospective A3 from Prospective A1

$154,410,000 Taxable Turbo Term Bonds; Rated Maturity Dates of June 1, 2018

$297,120,000 Tax Exempt Turbo Term Bonds; Rated Maturity Dates of June 1, 2027

$315,820,000 Tax Exempt Turbo Term Bonds; Rated Maturity Dates of June 1, 2033


Issuer: Tobacco Settlement Financing Corporation (Louisiana)

Downgraded to A3 from Aa3

$282,975,000 Series 2001A (Taxable) Term Bonds; Final Maturity Date of May 15, 2025

Downgraded to A3 from A1

$230,390,000 Series 2001B (Tax Exempt) Term Bonds; Final Maturity Date of May 15, 2030

$689,405,000 Series 2001B (Tax Exempt) Term Bonds; Final Maturity Date of May 15, 2039



Issuer: Tobacco Settlement Financing Corporation, Series 2002 (State of New Jersey)

Downgraded to A3 from A1

$199,470,000 Series 2002 Tax Exempt Serial Bonds; Rated Maturity Dates of 2008 to 2016

$55,310,000 Series 2002 Tax Exempt Fixed Amortization Term Bonds; Rated Maturity Dates of June 1, 2018

$633,320,000 Series 2002 Tax Exempt Turbo Term Bonds; Rated Maturity Dates of June 1, 2032

$385,540,000 Series 2002 Tax Exempt Turbo Term Bonds; Rated Maturity Dates of June 1, 2037

$527,815,000 Series 2002 Tax Exempt Turbo Term Bonds; Rated Maturity Dates of June 1, 2042.



Issuer: Tobacco Settlement Financing Corporation, Series 2003 (State of New Jersey)

Downgraded to A3 from A1

$66,290,000 Tax Exempt Serial Bonds; Rated Maturity Dates of 2006 to 2013

$107,850,000 Tax Exempt Turbo Term Bonds; Rated Maturity Date of June 1, 2019

$155,270,000 Tax Exempt Turbo Term Bonds; Rated Maturity Date of June 1, 2024

$337,860,000 Tax Exempt Turbo Term Bonds; Rated Maturity Date of June 1, 2032

$554,230,000 Tax Exempt Turbo Term Bonds; Rated Maturity Date of June 1, 2039

$178,075,000 Tax Exempt Turbo Term Bonds; Rated Maturity Date of June 1, 2041

$259,595,000 Tax Exempt Turbo Term Bonds; Rated Maturity Date of June 1, 2043



Issuer: Tobacco Settlement Revenue Management Authority, Series 2001A and 2001B (South Carolina)

Downgraded to A3 from Aa3

$200,000,000 Term Bonds; Final Maturity Date of May 15, 2016

Downgraded to A3 from A1

$225,880,000 Term Bonds; Final Maturity Date of May 15, 2022

$347,265,000 Term Bonds; Final Maturity Date of May 15, 2028

$161,385,000 Term Bonds; Final Maturity Date of May 15, 2030





Issuer: TSASC, Inc (Series 1999-1)

Downgraded to A1 from Aa1

$161,370,000 Series 1999-1 Tax Exempt Bonds; Rated Maturity Dates of 2003 to 2021

Downgraded to A1 from Aa1

$125,980,000 Series 1999-1 Tax Exempt Bonds; Rated Maturity Dates from 2021 to 2027

Downgraded to A2 from Aa2

$195,995,000 Series 1999-1 Tax Exempt Bonds; Rated Maturity Dates from 2027 to 2034

Downgraded to A3 from Aa3

$225,935,000 Series 1999-1 Tax Exempt Bonds; Rated Maturity Dates from 2034 to 2039



Issuer:TSASC, Inc., Series 2002-1 (New York City)

Downgraded to A1 from Aa1

$65,430,000 Fixed Amortization Serial Bonds; Rated Maturity Dates of 2006 to 2014;

$190,710,000 Super Sinker Term Bonds; Rated Maturity Date of July 15, 2024;

Downgraded to A2 from Aa2

$243,860,000 Super Sinker Term Bonds; Rated Maturity Date of July 15, 2032;



Issuer: Ulster Tobacco Asset Securitization Corporation

Downgraded to A3 from A1

$11,765,000 Term Current Interest Bonds; Rated Maturities of June 1, 2030

$10,190,000 Term Current Interest Bonds; Rated Maturities of June 1, 2040

$3,759,455 Term Convertible Capital Appreciation Bonds; Rated Maturity Date of June 1, 2025

$2,637,999.30 Term Convertible Capital Appreciation Bonds; Rated Maturity Date of June 1, 2040



Issuer: Westchester Tobacco Asset SecuritizationCorporation

Downgraded to A3 from A1

$52,739,212.25 Series 1999 Tax Exempt Term Bonds; Rated Maturity Dates of 2029

Downgraded to A3 from A2

$50,765,345.25 Series 1999 Tax Exempt Term Bonds; Rated Maturity Dates of 2039



Legal Fee Settlement Transaction


Issuer: Legal Settlement Resecuritization Trust 2003-A

Downgraded to A3 from A2

$7,900,000 Class 1 Certificates, Series 2003-A

$12,700,000 Class 2 Certificates, Series 2003-A


Issuer: Legal Settlement Trust 2002-A

Downgraded to A3 from A2

$53,750,000 of Bonds


Issuer: Legal Settlement Trust 2001-A

Downgraded to A3 from A2

$50,500,000 of Bonds


Issuer: Litigation Settlement Monetized Fee Trust - Pass-Through Certificates, Series 2001-1

Downgraded to A1 from Aa3

$267,100,000 Class A-1


Downgraded to A3 from A2

$41,000,000 Class A-2


Remain on Watch at Baa3

$71,300,000 of Bonds


Issuer: Litigation Settlement Monetized Fee Trust III

Remains on Watch at A3

$43,400,000 of Bonds


Issuer: Litigation Settlement Monetized Fee Trust IV

Remains on Watch at A3

$70,510,000 Pass through Certificates


Issuer: Litigation Settlement Monetized Fee Trust V

Downgraded to A1 from Aa3

$49,200,000 of Bonds




For additional information, visit our website at www.moodys.com