MOODY'S CONFIRMS RATINGS ON TOBACCO-RELATED SECURITIZATIONS
Approximately $19 billion of Asset-Backed Securities Affected.
New York, September 25, 2003 -- Moody's Investors Service announced today that it has confirmed its ratings
on all outstanding tobacco settlement-related securitizations,
including legal fee settlement transactions. The confirmation of
ratings reflects the September 16 ruling by the Illinois Supreme Court
reinstating a manageable bonding requirement in the Price/Miles class
action lawsuit against Philip Morris USA.
On July 15, 2003, the Fifth District Appellate Court had ordered
the trial court in the case to set the bonding at $12 billion,
covering the full amount of the judgment plus statutory interest,
instead of the $6.8 billion (made up of a preexisting $6
billion intercompany note and four quarterly payments of $200 million)
previously set by the trial court judge. $12 billion was
a potentially unbondable amount, which Altria stated could have
forced Phillip Morris USA to file for bankruptcy. The ruling by
the Illinois Supreme Court vacates the appeals court order. As
a result, Philip Morris USA should be able to proceed with appeal
of the case while the reinstated bond stays the execution of the judgment
and avoids bankruptcy. However to the extent the Supreme Court
confirms the trial court's ruling, the rating on the outstanding
tobacco bonds would be negatively affected.
The rating of Altria, parent of Philip Morris USA, was confirmed
at Baa2 by Moody's on September 18, 2003. In that press release,
Moody's noted several positive developments for Philip Morris USA:
"Promotional actions by Philip Morris USA have helped to contain the growth
of deep discounters, in addition, recent legislation passed
in several states could lead to more difficult competitive conditions
for these deep discounters. The passage of bond caps by certain
legislatures - if passed more extensively - could also be
a positive and could, over time, lead to a significant reduction
in Philip Morris USA's legal bonding risk".
Moody's notes however that the probability of bankruptcy of Phillip Morris
USA, the unrated subsidiary of Altria, and the obligor under
the MSA, remains significantly higher than the probability of default
associated with the Baa2 of Altria.
Moody's will continue to closely monitor the Price/Miles case as well
as any developments in the tobacco industry (including tobacco consumption
and market share of the MSA obligors) that can affect the ratings of these
bonds.
The complete rating action is as follows:
Tobacco Settlement Receivable Securitizations
Issuer: Alabama 21st Century Authority (Series 2000)
Confirmed at A1
$23,155,000 Fixed Rate Serial Bonds; Rated Maturities
of 2003 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)
Confirmed at A1
$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
Confirmed at A2
$12,925,000 Series 2001 Serial Bonds; Rated Maturities
of 2003 to 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
Confirmed at A3
$12,210,000 Tax-Exempt Serial Bonds; Rated
Maturity Dates of 2005
Confirmed at Baa1
$56,020,000 Tax-Exempt Serial Bonds; Rated
Maturity Dates of 2006 to 2008
Confirmed at Baa2
$135,445,000 Tax-Exempt Serial Bonds; Rated
Maturity Dates of 2009 to 20012
$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)
Confirmed at A3
$310,000 Series 2002A Tax-Exempt Serial Bonds;
Rated Maturity Dates of 2005
$305,000 Series 2002B Tax-Exempt Serial Bonds;
Rated Maturity Dates of 2005
Confirmed at Baa1
$1,505,000 Series 2002A Tax-Exempt Serial Bonds;
Rated Maturity Dates of 2006 to 2008
$1,490,000 Series 2002B Tax-Exempt Serial Bonds;
Rated Maturity Dates of 2006 to 2008
Confirmed at Baa2
$8,275,000 Series 2002A Tax-Exempt Serial Bonds;
Rated Maturity Dates of 2009 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
$8,185,000 Series 2002B Tax-Exempt Serial Bonds;
Rated Maturity Dates of 2009 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)
Confirmed at Baa1
$11,460,000 Series 2002 Tax Exempt Serial Bonds;
Rated Maturity Dates of 2008
Confirmed at Baa2
$82,000,000 Series 2002 Tax Exempt Serial Bonds;
Rated Maturity Dates of 2009 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
Confirmed at Baa1
$5,800,000 Serial Bonds, Rated Maturities 2008
Confirmed at Baa2
$43,800,000 Serial Bonds, Rated Maturities 2009
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)
Confirmed at Baa2
$148,505,000 Series 2002A Taxable Term Bonds;
Rated Maturity Date of June 1, 2025
$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
Confirmed at A3
$900,000 Series 2000A Senior Serial Bonds; Rated Maturities
of 2005
Confirmed at Baa1
$3,575,000 Series 2000A Senior Serial Bonds; Rated
Maturities of 2006 to 2008
Confirmed at Baa2
$15,615,000 Series 2000A Senior Serial Bonds;
Rated Maturities of 2009 to 2015
$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
Confirmed at Baa3
$49,340,000 Series 2000B Subordinated Term Bonds;
Rated Maturity Date of July 15, 2040
Issuer: Golden State Tobacco Securitization Corporation (State of
California)
Confirmed at Baa1
$21,890,000 Series 2003A-1 Serial Bonds;
Rated Maturity Dates of 2006 to 2008
Confirmed at Baa2
$55,460,000 Series 2003A-1 Serial Bonds;
Rated Maturity Dates of 2009 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
Turbo Term Bonds; Rated Maturity Date of June 1, 2042
Issuer: Guam Economic Development Authority, Series 2001A
and 2001B
Confirmed at Baa2
$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
Confirmed at A3
$300,000 Fixed Rate Serial Bonds; Rated Maturities of
2004 to 2005
Confirmed at Baa1
$970,000 Fixed Rate Serial Bonds; Rated Maturities of
2006 to 2008
Confirmed at Baa2
$7,825,000 Fixed Rate Serial Bonds; Rated Maturities
of 2009 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, 2035
$47,240,000 Flexible Sinking Fund Term Bonds;
Rated Maturity Date of June 1, 2042
Issuer: Nassau County Tobacco Settlement Corporation
Confirmed at Baa1
$12,580,000 Series A Bonds; Rated Maturity Dates
of 2012 to 2015
Confirmed at Baa2
$43,375,000 Series A Bonds; Rated Maturity Dates
of 2016 to 2022
$56,820,000 Series A Term Bonds; Rated Maturity
Dates from 2022 to 2027
$80,135,000 Series A Term Bonds; Rated Maturity
Dates from 2027 to 2033
$85,185,000 Series A Term Bonds; Rated Maturity
Dates from 2033 to 2039
Issuer: New York Counties Trust I, Series 2000
Confirmed at A3
$570,000 Serial Bonds; Rated Maturities of 2004 to 2005
Confirmed at Baa1
$1,480,000 Serial Bonds; Rated Maturities of 2006
to 2008
Confirmed at Baa2
$10,870,000 Serial Bonds; Rated Maturities of
2009 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
Confirmed at Baa1
$2,045,000 Series 2001 Serial Bonds; Maturity
Dates of 2006 to 2008
Confirmed at Baa2
$14,005,000 Series 2001 Serial Bonds; Maturity
Dates of 2009 to 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
Confirmed at Baa1
$1,810,000 Serial Bonds; Rated Maturities of 2013
to 2016
Confirmed at Baa2
$7,035,000 Serial Bonds; Rated Maturities of 2017
to 2022
$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)
Confirmed at Baa1
$4,245,000 Series 2000 Serial Bonds; Rated Maturities
of 2008
Confirmed at Baa2
$24,520,000 Series 2000 Serial Bonds; Rated Maturities
of 2009 to 2013
$41,470,000 Series 2000 Term Bonds; Rated Maturity
Date of June 1, 2022
$45,815,000 Series 2000 Term Bonds; Rated Maturity
Date of June 1, 2031
Issuer: Northern Tobacco Securitization Corporation, Series
2001 (Alaska)
Confirmed at Baa1
$1,975,000 Series 2001 Serial Bonds; Rated Maturities
of 2008
Confirmed at Baa2
$6,490,000 Series 2001 Serial Bonds; Rated Maturities
of 2009 to 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
Confirmed at Baa1
$340,000 Serial Bonds; Rated Maturities of 2006 to 2008
Confirmed at Baa2
$2,260,000 Serial Bonds; Rated Maturities of 2009
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
Confirmed at Baa1
$365,000 Serial Bonds; Rated Maturities of 2006 to 2008
Confirmed at Baa2
$1,535,000 Serial Bonds; Rated Maturities of 2009
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
Confirmed at A3
$320,000 Tax-Exempt Serial Bonds; Rated Maturity
Dates of 2005
Confirmed at Baa1
$1,610,000 Tax-Exempt Serial Bonds; Rated
Maturity Dates of 2006 to 2008
Confirmed at Baa2
$7,995,000 Tax-Exempt Serial Bonds; Rated
Maturity Dates of 2009 to 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
Confirmed at Baa2
$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
Confirmed at Baa1
$3,100,000 Series 2002B Tax-Exempt Term Bonds;
Rated Maturity Date of June 1, 2015
Confirmed at Baa2
$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
Issuer: The California County Tobacco Securitization Agency (Merced
County Tobacco Funding Corporation), Series 2002
Confirmed at Baa2
$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
Confirmed at Baa2
$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
Confirmed at Baa2
$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
Confirmed at A3
$2,815,000 Series 2002 Serial Bonds; Rated Maturity
Dates of 2004 to 2005
Confirmed at Baa1
$6,290,000 Series 2002 Serial Bonds; Rated Maturity
Dates of 2006 to 2008
Confirmed at Baa2
$12,125,000 Series 2002 Serial Bonds; Rated Maturity
Dates of 2009 to 2012
$24,290,000 Series 2002 Turbo Bonds; Rated Maturity
Date of June 1, 2019
$51,485,000 Series 2002 Turbo Bonds; Rated Maturity
Date of June 1, 2029
$45,170,000 Series 2002 Turbo Bonds; Rated Maturity
Date of June 1, 2035
$76,250,000 Series 2002 Turbo Bonds; Rated Maturity
Date of June 1, 2042
Issuer: Tobacco Securitization Authority of Northern California
(Sacramento County)
Confirmed at A3
$1,680,000 Series 2001B Serial Bonds; Rated Maturities
of 2004 to 2005
Confirmed at Baa1
$3,515,000 Series 2001B Serial Bonds; Rated Maturities
of 2006 to 2008
Confirmed at Baa2
$10,480,000 Series 2001B Serial Bonds; Rated Maturities
of 2009 to 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)
Confirmed at A3
$3,985,000 Series 2001ASerial Bonds; Rated Maturities
from 2004 to 2005
Confirmed at Baa1
$5,970,000 Series 2001ASerial Bonds; Rated Maturities
from 2006 to 2008
Confirmed at Baa2
$18,685,000 Series 2001ASerial Bonds; Rated Maturities
from 2009 to 2015
$78,325,000 Series 2001A Term Bonds; Final Maturity
Date of 2027
$124,890,000 Series 2001A Term Bonds; Final Maturity
Date of 2036
$162,865,000 Series 2001A Term Bonds; Final Maturity
Date of 2043
Confirmed at Baa3
$68,735,000 Series 2001B Term Bonds; Final Maturity
Date of 2043
Issuer: Tobacco Settlement Authority (State of Iowa)
Confirmed at Baa2
$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
$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)
Confirmed at A3
$660,000 Tax-Exempt Serial Bonds; Rated Maturity
Dates of 2005 to 2006
Confirmed at Baa1
$10,675,000 Tax-Exempt Serial Bonds; Rated
Maturity Dates of 2008
Confirmed at Baa2
$47,290,000 Tax-Exempt Serial Bonds; Rated
Maturity Dates of 2009 to 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)
Confirmed at Baa2
$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
Confirmed at Baa1
$910,000 Convertible Capital Appreciation Serial Bonds;
Rated Maturities of 2008
Confirmed at Baa2
$7,300,000 Convertible Capital Appreciation Serial
Bonds; Rated Maturities of 2009 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 (Louisiana)
Confirmed at Baa2
$282,975,000 Series 2001A (Taxable) Term Bonds;
Final Maturity Date of May 15, 2025
$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)
Confirmed at Baa1
$20,180,000 Series 2002 Serial Bonds; Rated Maturity
Dates of 2008
Confirmed at Baa2
$179,290,000 Series 2002 Serial Bonds; Rated Maturity
Dates of 2009 to 2016
$55,310,000 Series 2002 Fixed Amortization Term Bonds;
Rated Maturity Dates of June 1, 2018
$633,320,000 Series 2002 Turbo Term Bonds; Rated
Maturity Dates of June 1, 2032
$385,540,000 Series 2002 Turbo Term Bonds; Rated
Maturity Dates of June 1, 2037
$527,815,000 Series 2002 Turbo Term Bonds; Rated
Maturity Dates of June 1, 2042.
Issuer: Tobacco Settlement Financing Corporation, Series 2003
(State of New Jersey)
Confirmed at Baa1
$8,135,000 Serial Bonds; Rated Maturity Dates
of 2006 to 2008
Confirmed at Baa2
$58,155,000 Serial Bonds; Rated Maturity Dates
of 2009 to 2013
$107,850,000 Turbo Term Bonds; Rated Maturity
Date of June 1, 2019
$155,270,000 Turbo Term Bonds; Rated Maturity
Date of June 1, 2024
$337,860,000 Turbo Term Bonds; Rated Maturity
Date of June 1, 2032
$554,230,000 Turbo Term Bonds; Rated Maturity
Date of June 1, 2039
$178,075,000 Turbo Term Bonds; Rated Maturity
Date of June 1, 2041
$259,595,000 Turbo Term Bonds; Rated Maturity
Date of June 1, 2043
Issuer: Tobacco Settlement Revenue Management Authority, Series
2001A and 2001B (South Carolina)
Confirmed at Baa1
$200,000,000 Term Bonds; Final Maturity Date of
May 15, 2016
Confirmed at Baa2
$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
Confirmed at A1
$27,870,000 Series 1999-1 Bonds; Rated
Maturity Dates of 2009 to 2012
Confirmed at A2
$101,020,000 Series 1999-1 Bonds; Rated
Maturity Dates of 2013 to 2021
$125,980,000 Series 1999-1 Term Bonds;
Rated Maturity Dates from 2021 to 2027
Confirmed at A3
$195,995,000 Series 1999-1 Term Bonds;
Rated Maturity Dates from 2027 to 2034
$225,935,000 Series 1999-1 Term Bonds;
Rated Maturity Dates from 2034 to 2039
Issuer:TSASC, Inc., Series 2002-1
Confirmed at A1
$2,845,000 Fixed Amortization Serial Bonds; Rated
Maturity Dates of 2006 to 2008;
Confirmed at A2
$62,585,000 Fixed Amortization Serial Bonds; Rated
Maturity Dates of 2009 to 2014;
$190,710,000 Super Sinker Term Bonds; Rated Maturity
Date of July 15, 2024;
Confirmed at A3
$243,860,000 Super Sinker Term Bonds; Rated Maturity
Date of July 15, 2032;
Issuer: Ulster Tobacco Asset Securitization Corporation
Confirmed at Baa2
$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
Confirmed at Baa2
$52,739,212.25 Series 1999 Tax Exempt Term Bonds;
Rated Maturity Dates of 2029
$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
Confirmed at Baa2
$7,900,000 Class 1 Certificates, Series 2003-A
$12,700,000 Class 2 Certificates, Series 2003-A
Issuer: Legal Settlement Trust 2002-A
Confirmed at Baa2
$53,750,000 of Bonds
Issuer: Legal Settlement Trust 2001-A
Confirmed at Baa2
$50,500,000 of Bonds
Issuer: Litigation Settlement Monetized Fee Trust - Pass-Through
Certificates, Series 2001-1
Confirmed at Baa1
$267,100,000 Class A-1
Confirmed at Baa2
$41,000,000 Class A-2
Confirmed at Baa3
$71,300,000 of Bonds
Issuer: Litigation Settlement Monetized Fee Trust III
Confirmed at Baa2
$43,400,000 of Bonds
Issuer: Litigation Settlement Monetized Fee Trust IV
Confirmed at Baa2
$70,510,000 Pass through Certificates
Issuer: Litigation Settlement Monetized Fee Trust V
Confirmed at Baa1
$38,520,000 of Bonds
For additional information, visit our website at www.moodys.com
New York
Michael Kanef
Managing Director
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
New York
Nicolas S. Weill
Senior Vice President
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
