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Rating Action:

MOODY'S DOWNGRADES TOBACCO-RELATED SECURITIZATIONS

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.
© 2022 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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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any credit rating, agreed to pay to Moody’s Investors Service, Inc. for credit ratings opinions and services rendered by it fees ranging from $1,000 to approximately $5,000,000. MCO and Moody’s Investors Service also maintain policies and procedures to address the independence of Moody’s Investors Service credit ratings and credit rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold credit ratings from Moody’s Investors Service and have also publicly reported to the SEC an ownership interest in MCO of more than 5%, is posted annually at www.moodys.com under the heading “Investor Relations — Corporate Governance — Director and Shareholder Affiliation Policy.”

Additional terms for Australia only: Any publication into Australia of this document is pursuant to the Australian Financial Services License of MOODY’S affiliate, Moody’s Investors Service Pty Limited ABN 61 003 399 657AFSL 336969 and/or Moody’s Analytics Australia Pty Ltd ABN 94 105 136 972 AFSL 383569 (as applicable). This document is intended to be provided only to “wholesale clients” within the meaning of section 761G of the Corporations Act 2001. By continuing to access this document from within Australia, you represent to MOODY’S that you are, or are accessing the document as a representative of, a “wholesale client” and that neither you nor the entity you represent will directly or indirectly disseminate this document or its contents to “retail clients” within the meaning of section 761G of the Corporations Act 2001. MOODY’S credit rating is an opinion as to the creditworthiness of a debt obligation of the issuer, not on the equity securities of the issuer or any form of security that is available to retail investors.

Additional terms for Japan only: Moody's Japan K.K. (“MJKK”) is a wholly-owned credit rating agency subsidiary of Moody's Group Japan G.K., which is wholly-owned by Moody’s Overseas Holdings Inc., a wholly-owned subsidiary of MCO. Moody’s SF Japan K.K. (“MSFJ”) is a wholly-owned credit rating agency subsidiary of MJKK. MSFJ is not a Nationally Recognized Statistical Rating Organization (“NRSRO”). Therefore, credit ratings assigned by MSFJ are Non-NRSRO Credit Ratings. Non-NRSRO Credit Ratings are assigned by an entity that is not a NRSRO and, consequently, the rated obligation will not qualify for certain types of treatment under U.S. laws. MJKK and MSFJ are credit rating agencies registered with the Japan Financial Services Agency and their registration numbers are FSA Commissioner (Ratings) No. 2 and 3 respectively.

MJKK or MSFJ (as applicable) hereby disclose that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by MJKK or MSFJ (as applicable) have, prior to assignment of any credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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