Email Research
Thank you for your interest in sharing Moody's Research. You have reached the daily limit of Research email sharings.
Thank you!
You have successfully sent the research.
Please note: some research requires a paid subscription in order to access.
Already a customer?
LOG IN
Don't want to see this again?
REGISTER
Accept our to continue to Moodys.com:
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 information 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.
Terms of One-Time Website Use
1. Unless
you have entered into an express written contract with Moody’s to the contrary,
you agree that you have no right to use the Information in a commercial or
public setting and no right to copy it, save it, print it, sell it, or publish
or distribute any portion of it in any form.
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.
3. To the extent permitted by law, Moody’s and its directors,
officers, employees, representatives, licensors and suppliers disclaim
liability for: (i) any indirect, special, consequential, or incidental losses
or damages whatsoever arising from or in connection with use of the
Information; and (ii) any direct or compensatory damages caused to any person
or entity, including but not limited to by any negligence (but excluding fraud
or any other type of liability that by law cannot be excluded) on the part of
Moody’s or any of its directors, officers, employees, agents, representatives,
licensors or suppliers, arising from or in connection with use of the
Information.
4. You agree to read [and
be bound by] the more detailed disclosures regarding Moody’s ratings and the
limitations of Moody’s liability included in the Information.
5. You agree that any disputes relating to this agreement or your use of
the Information, whether sounding in contract, tort, statute or otherwise,
shall be governed by the laws of the State of New York and shall be subject to
the exclusive jurisdiction of the courts of the State of New York located in
the City and County of New York, Borough of Manhattan.
I AGREE
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
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.
CREDIT RATINGS ISSUED BY MOODY'S INVESTORS SERVICE, INC. AND ITS RATINGS AFFILIATES (“MIS”) ARE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES, AND MOODY’S PUBLICATIONS MAY INCLUDE MOODY’S CURRENT OPINIONS OF THE RELATIVE FUTURE CREDIT RISK OF ENTITIES, CREDIT COMMITMENTS, OR DEBT OR DEBT-LIKE SECURITIES. MOODY’S DEFINES CREDIT RISK AS THE RISK THAT AN ENTITY MAY NOT MEET ITS CONTRACTUAL FINANCIAL OBLIGATIONS AS THEY COME DUE AND ANY ESTIMATED FINANCIAL LOSS IN THE EVENT OF DEFAULT OR IMPAIRMENT. SEE MOODY’S RATING SYMBOLS AND DEFINITIONS PUBLICATION FOR INFORMATION ON THE TYPES OF CONTRACTUAL FINANCIAL OBLIGATIONS ADDRESSED BY MOODY’S RATINGS. CREDIT RATINGS DO NOT ADDRESS ANY OTHER RISK, INCLUDING BUT NOT LIMITED TO: LIQUIDITY RISK, MARKET VALUE RISK, OR PRICE VOLATILITY. CREDIT RATINGS AND MOODY’S OPINIONS INCLUDED IN MOODY’S PUBLICATIONS ARE NOT STATEMENTS OF CURRENT OR HISTORICAL FACT. MOODY’S PUBLICATIONS MAY ALSO INCLUDE QUANTITATIVE MODEL-BASED ESTIMATES OF CREDIT RISK AND RELATED OPINIONS OR COMMENTARY PUBLISHED BY MOODY’S ANALYTICS, INC. CREDIT RATINGS AND MOODY’S PUBLICATIONS DO NOT CONSTITUTE OR PROVIDE INVESTMENT OR FINANCIAL ADVICE, AND CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT AND DO NOT PROVIDE RECOMMENDATIONS TO PURCHASE, SELL, OR HOLD PARTICULAR SECURITIES. NEITHER CREDIT RATINGS NOR MOODY’S PUBLICATIONS COMMENT ON THE SUITABILITY OF AN INVESTMENT FOR ANY PARTICULAR INVESTOR. MOODY’S ISSUES ITS CREDIT RATINGS AND PUBLISHES MOODY’S PUBLICATIONS WITH THE EXPECTATION AND UNDERSTANDING THAT EACH INVESTOR WILL, WITH DUE CARE, MAKE ITS OWN STUDY AND EVALUATION OF EACH SECURITY THAT IS UNDER CONSIDERATION FOR PURCHASE, HOLDING, OR SALE.
MOODY’S CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY’S CREDIT RATINGS OR MOODY’S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER.
ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY’S PRIOR WRITTEN CONSENT.
CREDIT RATINGS AND MOODY’S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK.
All information contained herein is obtained by MOODY’S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided “AS IS” without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY’S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing the Moody’s publications.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability to any person or entity for any indirect, special, consequential, or incidental losses or damages whatsoever arising from or in connection with the information contained herein or the use of or inability to use any such information, even if MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers is advised in advance of the possibility of such losses or damages, including but not limited to: (a) any loss of present or prospective profits or (b) any loss or damage arising where the relevant financial instrument is not the subject of a particular credit rating assigned by MOODY’S.
To the extent permitted by law, MOODY’S and its directors, officers, employees, agents, representatives, licensors and suppliers disclaim liability for any direct or compensatory losses or damages caused to any person or entity, including but not limited to by any negligence (but excluding fraud, willful misconduct or any other type of liability that, for the avoidance of doubt, by law cannot be excluded) on the part of, or any contingency within or beyond the control of, MOODY’S or any of its directors, officers, employees, agents, representatives, licensors or suppliers, arising from or in connection with the information contained herein or the use of or inability to use any such information.
NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE ACCURACY, TIMELINESS, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE OF ANY CREDIT RATING OR OTHER OPINION OR INFORMATION IS GIVEN OR MADE BY MOODY’S IN ANY FORM OR MANNER WHATSOEVER.
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 rating, agreed to pay to Moody’s Investors Service, Inc. for ratings opinions and services rendered by it fees ranging from $1,000 to approximately $2,700,000. MCO and MIS also maintain policies and procedures to address the independence of MIS’s ratings and rating processes. Information regarding certain affiliations that may exist between directors of MCO and rated entities, and between entities who hold ratings from MIS 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 rating, agreed to pay to MJKK or MSFJ (as applicable) for ratings opinions and services rendered by it fees ranging from JPY125,000 to approximately JPY250,000,000.
MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.
|
|
