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02 Jun 2003
MOODY'S DOWNGRADES TOBACCO-RELATED SECURITIZATIONS
Moody's Investors Service announced that it had downgraded its ratings on most outstanding tobacco settlement-related securitizations today, including legal fee settlement transactions. The securities were removed from watchlist for possible downgrade. The downgrades were prompted by five factors: (1) the downgrade of Altria Group, Inc., the parent of Philip Morris USA, to Baa2 from Baa1 on April 22, 2003. (2) the downgrade of British American Tobacco plc to Baa1 from A2 on May 13, 2003; (3) the placement of R.J. Reynolds Tobacco Holding on review for possible downgrade; (4) the decline in domestic tobacco shipments; and (5) market share losses incurred by the major participants to the Master Settlement Agreement (the "MSA") to the benefit of deep discounters that do not participate in the MSA, the rating agency said.
The downgrades of the corporate credit ratings of the major tobacco manufacturers reflect the risk of periodic future adverse rulings and/or bonding requirements, similar to those imposed in the Price/Miles litigation ruling against Philip Morris USA, Moody's said. Such increases in bonding requirements would create liquidity pressure on the tobacco companies. The increased risk of bonding requirements has widened the gap between the creditworthiness of the holding companies and their tobacco subsidiaries. The downgrades also reflect the pressure on operating income attributable to difficult US tobacco market conditions resulting from lower cigarette shipments and loss of market share to non-MSA participants.
Moody's believes that the probability of a bankruptcy by the participating manufacturers remains low, although the Price/Miles case illustrates the vulnerability of the large tobacco companies to very adverse litigation in difficult jurisdictions. Additionally, says Moody's, a bankruptcy would not necessarily affect the MSA payments, should the MSA be characterized as an executory contract and assumed by a bankrupt participant.
"The credit rating of a tobacco manufacturer is an indication of the likelihood of its bankruptcy. For the bankruptcy of a tobacco manufacturer to result in substantial losses to the tobacco settlement transactions, a series of adverse events would have to occur, including 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 three of the four major parties to the MSA, which increases the probability of these events and could ultimately have a significant impact on the cash flows to the tobacco settlement transactions," added Weill.
Moody's has analyzed each transaction based on its specific structural features, its liquidity reserves, and the maturities of each transaction's bonds. Rating actions were taken on both the tobacco settlement receivable transactions and the legal fee settlement transactions.
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
Downgraded to Baa1 from A3
$56,020,000 Tax-Exempt Serial Bonds; Rated Maturity Dates of 2006 to 2008
Downgraded to Baa2 from A3
$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
Downgraded to Baa1 from A3
$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
Downgraded to Baa2 from A3
$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)
Downgraded to Baa1 from A3
$11,460,000 Series 2002 Tax Exempt Serial Bonds; Rated Maturity Dates of 2008
Downgraded to Baa2 from A3
$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
Downgraded to Baa1 from A3
$5,800,000 Serial Bonds, Rated Maturities 2008
Downgraded to Baa2 from A3
$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)
Downgraded to Baa2 from A3
$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
Downgraded to Baa1 from A3
$3,575,000 Series 2000A Senior Serial Bonds; Rated Maturities of 2006 to 2008
Downgraded to Baa2 from A3
$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
Downgraded to Baa3 from 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 Baa1 from A3
$21,890,000 Series 2003A-1 Serial Bonds; Rated Maturity Dates of 2006 to 2008
Downgraded to Baa2 from A3
$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 Auction Rate Turbo Term Bonds; Rated Maturity Date of June 1, 2042
Issuer: Guam Economic Development Authority, Series 2001A and 2001B
Downgraded to Baa2 from A3
$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
Downgraded to Baa1 from A3
$970,000 Fixed Rate Serial Bonds; Rated Maturities of 2006 to 2008
Downgraded to Baa2 from A3
$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
Downgraded to Baa1 from A3
$12,580,000 Series A Bonds; Rated Maturity Dates of 2012 to 2015
Downgraded to Baa2 from A3
$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
Downgraded to Baa1 from A3
$1,480,000 Serial Bonds; Rated Maturities of 2006 to 2008
Downgraded to Baa2 from A3
$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
Downgraded to Baa1 from A3
$2,045,000 Series 2001 Serial Bonds; Maturity Dates of 2006 to 2008
Downgraded to Baa2 from A3
$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
Downgraded to Baa1 from A3
$1,810,000 Serial Bonds; Rated Maturities of 2013 to 2016
Downgraded to Baa2 from A3
$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)
Downgraded to Baa1 from A3
$4,245,000 Series 2000 Serial Bonds; Rated Maturities of 2008
Downgraded to Baa2 from A3
$33,010,000 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)
Downgraded to Baa1 from A3
$1,975,000 Series 2001 Serial Bonds; Rated Maturities of 2008
Downgraded to Baa2 from A3
$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
Downgraded to Baa1 from A3
$340,000 Serial Bonds; Rated Maturities of 2006 to 2008
Downgraded to Baa2 from A3
$2,420,000 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
Downgraded to Baa1 from A3
$365,000 Serial Bonds; Rated Maturities of 2006 to 2008
Downgraded to Baa2 from A3
$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
Downgraded to Baa1 from A3
$1,610,000 Tax-Exempt Serial Bonds; Rated Maturity Dates of 2006 to 2008
Downgraded to Baa2 from A3
$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
Downgraded to Baa2 from A3
$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 Baa1 from A3
$3,100,000 Series 2002B Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2015
Downgraded to Baa2 from A3
$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
Downgraded to Baa2 from A3
$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 Baa2 from A3
$14,720,000 Series 2002B Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2020
$15,285,000 Series 2002B Tax-Exempt Term Bon
No Related Data.
© 2019 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.
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