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PLEASE READ AND SCROLL DOWN!

 

By clicking “I AGREE” [at the end of this document], you indicate that you understand and intend these terms and conditions to be the legal equivalent of a signed, written contract and equally binding, and that you accept such terms and conditions as a condition of viewing any and all Moody’s inform​ation that becomes accessible to you [after clicking “I AGREE”] (the “Information”).   References herein to “Moody’s” include Moody’s Corporation, Inc. and each of its subsidiaries and affiliates.

 

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2.            You acknowledge and agree that Moody’s credit ratings: (i) are current opinions of the future relative creditworthiness of securities and address no other risk; and (ii) are not statements of current or historical fact or recommendations to purchase, hold or sell particular securities.  Moody’s credit ratings and publications are not intended for retail investors, and it would be reckless and inappropriate for retail investors to use Moody’s credit ratings and publications when making an investment decision.  No warranty, express or implied, as the accuracy, timeliness, completeness, merchantability or fitness for any particular purpose of any Moody’s credit rating is given or made by Moody’s in any form whatsoever.          

 

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Related Issuers
Alabama 21 Century Authority, Series 2001
Alabama 21st Century Authority, Series 2000
Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Series 2001 (Biosciences Institutes and College of Public Health Projects)
Badger Tobacco Asset Securitization Corporation
California Statewide Financing Authority (Pooled Tobacco Securitization Program) , Series 2002
Children's Trust, Series 2002
District of Columbia Tobacco Settlement Financing Corporation, Series 2001
Educational Enhancement Funding Corporation - Tobacco Settlement Asset-Backed Bonds, Series 2002A and 2002B
Erie Tobacco Asset Securitization Corporation, Series 2000A and 2000B
Golden State Tobacco Securitization Corporation, (2003 Indenture)
Guam Economic Development Authority, Series 2001A and 2001B
Monroe Tobacco Asset Securitization Corporation, Series 2000
Nassau County Tobacco Settlement Corporation, Tobacco Settlement Asset-Backed Bonds, Series A
New York Counties Tobacco Trust I, Series 2000
New York Counties Tobacco Trust II, Series 2001
New York Counties Tobacco Trust III, Series 2003
Niagara Tobacco Asset Securitization Corporation, Series 2000
Northern Tobacco Securitization Corporation, Series 2000
Northern Tobacco Securitization Corporation, Series 2001
Rensselaer Tobacco Asset Securitization Corporation, Series A
Rockland Tobacco Asset Securitization Corporation, Series 2001
The California County Tobacco Securitization Agency ( Fresno County Tobacco Funding Corporation), Series 2002
The California County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corporation), Series 2002
The California County Tobacco Securitization Agency (Marin County) - (Golden Gate Tobacco Funding Corporation), Series 2002
The California County Tobacco Securitization Agency (Placer County) - Gold Country Settlement Funding Corporation, Series 2002
The California County Tobacco Securitization Agency (Sonoma County Securitization Corporation), Series 2002A and 2002B
The California County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corporation), Series 2002
The California County Tobacco Securitization Agency Tobacco Settlement Asset-Backed Bonds (Merced County Tobacco Funding Corporation) Series 2002A and 2002B
Tobacco Securitization Authority of Northern California, Series 2001A and Series 2001B
Tobacco Securitization Authority of Southern California (San Diego)
Tobacco Settlement Authority (Iowa); Series 2001A and Series 2001B
Tobacco Settlement Authority (Washington), Series 2002
Tobacco Settlement Financing Corporation (New Jersey), Series 2002
Tobacco Settlement Financing Corporation (New Jersey), Series 2003
Tobacco Settlement Financing Corporation (Virgin Islands), Series 2001
Tobacco Settlement Financing Corporation, Series 2001A and 2001B
Tobacco Settlement Financing Corporation, Series 2002A and 2002B
Tobacco Settlement Revenue Management Authority, Series 2001A and Series 2001B
TSASC, Inc. - Tobacco Flexible Amortization Bonds (Program Bonds First Issuance)
Ulster Tobacco Asset Securitization Corporation, Series 2001
Westchester Tobacco Asset Securitization Corporation Tobacco Settlement Asset-Backed B...eries 1999
Rating Action:

MOODY'S DOWNGRADES TOBACCO-RELATED SECURITIZATIONS, BONDS REMAIN UNDER REVIEW WITH DIRECTION UNCERTAIN

21 Apr 2004
MOODY'S DOWNGRADES TOBACCO-RELATED SECURITIZATIONS, BONDS REMAIN UNDER REVIEW WITH DIRECTION UNCERTAIN New York, April 21, 2004 -- Moody's Investors Service announced today that it has downgraded its ratings on all municipal tobacco transactions. The rating action was prompted by the denial by the United States Court of Appeals for the Second Circuit in Freedom Holdings, Inc. v. Spitzer ("Freedom Holdings") of petitions for rehearing. The Second Circuit panel had previously reversed a lower court's dismissal of a challenge to the New York Contraband Statutes based on its views of certain immunities for federal antitrust violations.

A detailed analysis of the case was presented in a Moody's Special Report titled "Tobacco Bonds and the Implications of Freedom Holdings" dated January 27, 2004, as well as in a press release dated February 20, 2004 in which Moody's placed all the tobacco settlement related bonds on watch for possible downgrade.

On January 30, 2004 the State of New York asked for an en banc rehearing of the case. On March 25, the three judge panel denied rehearing the case and on April 13, 2004, the en banc rehearing was denied as well. At this point, the State can appeal for the case to be heard by the United States Supreme Court. If the case is not heard by the Supreme Court or if the State chooses not to appeal the decision at this point to the United States Supreme Court, the case would go back to the District Court for fact finding. The District Court would need to decide, based on the facts it found, whether the Contraband Statutes and the Model Statute are inherently anti-competitive, and, if so, whether they are protected by so-called "Parker Immunity".

The bonds were placed on watch for possible downgrade on February 20, 2004. The New York City TSASC bonds were then downgraded from their A1, A2 and A3 ratings to Baa2, on March 23, 2004. As stated in previous reports, transactions in states belonging to the Second Circuit, notably the New York City and the New York County transactions, are the most vulnerable at this time. If the Model Statute was found invalid only in the Second Circuit, these transactions would absorb the full impact of a reduction of MSA payments by the tobacco companies. In light of the loss of market share by the major tobacco companies to the benefit of deep discounters, the reduction in payments could be very significant.

Due to the risk of default and the severity of loss that the bonds would experience without a valid Model Statute in place, the New York counties' transactions have been downgraded to below investment grade. The New York counties' bonds could experience a loss soon after the Model Statute is found invalid, assuming the decision is not stayed during the appeal process. With a 65% reduction in payments, the counties would deplete the reserve and trapping accounts within two to three years.

The higher coverage ratios, the dual amortization schedules, and the amounts available in the trapping accounts in the New York City's TSASC transactions provide the transactions with a number of additional years before a default can occur. During these years, potential state and federal legislative cures can be found for the enforceability of the Model Statute, and therefore the TSASC transactions were downgraded to Baa3. Also, should the Model Statutes become unenforceable over time in all states, the impact of an NPM adjustment would be less severe on New York and the severity of loss on the TSASC transactions would be lower, given its current leverage.

An adverse decision regarding the Model Statute in New York Trial Court would cause the decisions of the Second and Third Circuit Courts of Appeals relating to Sherman Act immunities to effectively conflict, creating some incentive for the case to be heard by the Supreme Court. If the Supreme Court were to uphold the Second Circuit's decision, lawsuits similar to Freedom Holdings could be initiated in the various states and the Model Statutes could be found to be invalid in all states. Since there are several events and possibly several years before these events would unfold, the remaining transactions were also downgraded to Baa3.

All the transactions remain under review with direction uncertain.

The complete rating action is as follows:

Issuer: Alabama 21st Century Authority (Series 2000)
Downgraded to Baa1 from A1
$18,050,000 Fixed Rate Serial Bonds; Rated Maturities of 2006 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 Baa1 from A1
$70,080,000 Serial Bonds; Rated Maturities of 2006 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 Baa1 from A2
$10,690,000 Series 2001 Serial Bonds; Rated Maturities of 2005 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

Downgraded to Baa2 from Baa1
$56,020,000 Tax-Exempt Serial Bonds; Rated Maturity Dates of 2006 to 2008

Downgraded to Baa3 from 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)

Downgraded to Baa2 from 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

Downgraded to Baa3 from 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)
Downgraded to Baa2 from Baa1
$11,460,000 Series 2002 Tax Exempt Serial Bonds; Rated Maturity Dates of 2008

Downgraded to Baa3 from 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
Downgraded to Baa2 from Baa1
$5,800,000 Serial Bonds, Rated Maturities 2008

Downgraded to Baa3 from 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)
Downgraded to Baa3 from 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
Downgraded to Baa3 from Baa1
$945,000 Series 2000A Senior Serial Bonds; Rated Maturity Date of July 15, of 2006

Downgraded to Ba1 from Baa1
$2,630,000 Series 2000A Senior Serial Bonds; Rated Maturities of 2007 to 2008

Downgraded to Ba1 from 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

Downgraded to Ba2 from 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)
Downgraded to Baa2 from Baa1
$21,890,000 Series 2003A-1 Serial Bonds; Rated Maturity Dates of 2006 to 2008

Downgraded to Baa3 from 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
Downgraded to Baa3 from 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
Downgraded to Baa3 from Baa1
$225,000 Fixed Rate Serial Bonds; Rated Maturity Date of June 1, 2006

Downgraded to Ba1 from Baa1
$745,000 Fixed Rate Serial Bonds; Rated Maturities of 2007 to 2008

Downgraded to Ba1 from 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
Downgraded to Ba1 from Baa1
$9,780,000 Series A Bonds; Rated Maturity Dates of 2013 to 2015

Downgraded to Ba1 from 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
Downgraded to Baa3 from Baa1
$170,000 Serial Bonds; Rated Maturity Date of June 1, 2006

Downgraded to Ba1 from Baa1
$1,310,000 Serial Bonds; Rated Maturities of 2007 to 2008

Downgraded to Ba1 from 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
Downgraded to Baa3 from Baa1
$510,000 Series 2001 Serial Bonds; Rated Maturity Date of June 1, 2006

Downgraded to Ba1 from Baa1
$1,535,000 Series 2001 Serial Bonds; Rated Maturity Dates of 2007 to 2008

Downgraded to Ba1 from Baa2
$14,005,000 Series 2001 Serial Bonds; Rated Maturity Dates of 2009 to 2016
$48,370,000 Series 2001 Supersinker Term Bonds; Rated Maturity Date of June 1, 2025
$68,005,000 Series 2001 Supersinker Term Bonds; Rated Maturity Date of June 1, 2035
$82,795,000 Series 2001 Supersinker Term Bonds; Rated Maturity Date of June 1, 2043

Issuer: New York Counties Trust III, Series 2003
Downgraded to Ba1 from Baa2
$24,115,000 Series 2003 Turbo Term Bonds; Maturity Dates of June 1 ,2027
$15,175,000 Series 2003 Turbo Term Bonds; Maturity Dates of June 1 ,2033
$40,390,000 Series 2003 Turbo Term Bonds; Maturity Dates of June 1 ,2043

Issuer: Niagara Tobacco Asset Securitization Corporation
Downgraded to Ba1 from Baa1
$1,455,000 Serial Bonds; Rated Maturities of 2014 to 2016

Downgraded to Ba1 from 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)
Downgraded to Baa2 from Baa1
$4,245,000 Series 2000 Serial Bonds; Rated Maturities of 2008

Downgraded to Baa3 from 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)
Downgraded to Baa2 from Baa1
$1,975,000 Series 2001 Serial Bonds; Rated Maturities of 2008

Downgraded to Baa3 from 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
Downgraded to Baa3 from Baa1
$85,000 Serial Bonds; Rated Maturity Date of June 1, 2006

Downgraded to Ba1 from Baa1
$255,000 Serial Bonds; Rated Maturities of 2007 to 2008

Downgraded to Ba1 from 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
Downgraded to Baa3 from Baa1
$75,000 Serial Bonds; Rated Maturity Date of August 15, 2006

Downgraded to Ba1 from Baa1
$290,000 Serial Bonds; Rated Maturities of 2007 to 2008

Downgraded to Ba1 from 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
Downgraded to Baa2 from Baa1
$1,610,000 Tax-Exempt Serial Bonds; Rated Maturity Dates of 2006 to 2008

Downgraded to Baa3 from 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
Downgraded to Baa3 from 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
Downgraded to Baa2 from Baa1
$3,100,000 Series 2002B Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2015

Downgraded to Baa3 from 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
Downgraded to Baa3 from 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
Downgraded to Baa3 from 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
Downgraded to Baa3 from 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
Downgraded to Baa2 from Baa1
$6,290,000 Series 2002 Serial Bonds; Rated Maturity Dates of 2006 to 2008

Downgraded to Baa3 from 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)
Downgraded to Baa2 from Baa1
$3,515,000 Series 2001B Serial Bonds; Rated Maturities of 2006 to 2008

Downgraded to Baa3 from 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)
Downgraded to Baa2 from Baa1
$5,970,000 Series 2001ASerial Bonds; Rated Maturities from 2006 to 2008

Downgraded to Baa3 from 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

Downgraded to Ba1 from Baa3
$68,735,000 Series 2001B Term Bonds; Final Maturity Date of 2043

Issuer: Tobacco Settlement Authority (State of Iowa)
Downgraded to Baa3 from 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)
Downgraded to Baa2 from Baa1
$10,675,000 Tax-Exempt Serial Bonds; Rated Maturity Dates of 2008

Downgraded to Baa3 from 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)
Downgraded to Baa3 from 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
Downgraded to Baa2 from Baa1
$910,000 Convertible Capital Appreciation Serial Bonds; Rated Maturities of 2008

Downgraded to Baa3 from 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)
Downgraded to Baa3 from 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)
Downgraded to Baa2 from Baa1
$20,180,000 Series 2002 Serial Bonds; Rated Maturity Dates of 2008

Downgraded to Baa3 from 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)
Downgraded to Baa2 from Baa1
$8,135,000 Serial Bonds; Rated Maturity Dates of 2006 to 2008

Downgraded to Baa3 from 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)
Downgraded to Baa2 from Baa1
$200,000,000 Term Bonds; Final Maturity Date of May 15, 2016

Downgraded to Baa3 from 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
Downgraded to Baa3 from Baa2
$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
$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
Downgraded to Baa3 from Baa2
$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;
$243,860,000 Super Sinker Term Bonds; Rated Maturity Date of July 15, 2032;

Issuer: Ulster Tobacco Asset Securitization Corporation
Downgraded to Ba1 from 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 Securitization Corporation
Downgraded to Ba1 from 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

For more 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
Myrna Ekmekji
Vice President - Senior Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
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