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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 TO REVIEW TOBACCO SETTLEMENT ABS DEALS FOLLOWING DECISION IN FREEDOM HOLDINGS BY SECOND CIRCUIT

20 Feb 2004
MOODY'S TO REVIEW TOBACCO SETTLEMENT ABS DEALS FOLLOWING DECISION IN FREEDOM HOLDINGS BY SECOND CIRCUIT

Approximately $19 billion of Asset-Backed Securities Affected

New York, February 20, 2004 -- Moody's Investors Service announced today that it will review its ratings on outstanding tobacco settlement receivables securitizations. The review affects only the state and municipal tobacco settlement securitizations and not the legal fee settlement transactions at this time. The rating action was prompted by the decision of the United States Court of Appeals for the Second Circuit in Freedom Holdings, Inc. v. Spitzer ("Freedom Holdings") to reverse a lower court's dismissal of a challenge to the New York Contraband Statutes. The Second Circuit panel reversed the dismissal based on its views of certain immunities for federal antitrust violations.

In Freedom Holdings, certain cigarette importers challenged New York's Contraband Statutes, alleging violations of the Sherman Antitrust Act. The cigarette importers argued that the statutes effectively facilitated the creation and operation of an output cartel. While the United States District Court for the Southern District of New York dismissed the action on May 14, 2002, on the grounds that the statutes were immunized from Sherman Act violations, the United States Court of Appeals for the Second Circuit reversed the dismissal in January 2004. (For further analysis, please refer to Moody's Special Report titled "Tobacco Bonds and the Implications of Freedom Holdings" dated January 27, 2004.)

The case was remanded to the District Court for trial. The trial court will most probably address the legality of both the Contra Band Statutes and the Model Statute. Because most previous challenges to the MSA or Model Statute have been dismissed on legal grounds (by various trial courts and by appellate courts in the Third, Fourth and Tenth Circuits), antitrust violation claims relating to the MSA or the Model Statute have never been tried on the merits.

On January 30, 2004 the State of New York asked for an en banc rehearing of the case. This would involve review of the three-judge panel decision by the entire Second Circuit. If the en banc hearing is denied and if the United States Supreme Court refuses to hear the case, 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.

After further evaluating the possible implications of the appellate court's ruling, Moody's has placed all tobacco municipal securitizations on watch for possible downgrade. Freedom Holdings has materially increased the legal risks to which these transactions are subject. Courts that might otherwise be sceptical of the Model Statute now have the reasoning of the influential Second Circuit on which to rely in striking them down. At the time these transactions were rated, legal opinions were provided that addressed the likelihood of successful challenges to the MSA and the Model Statute. At this point, Moody's believes that the reasoning behind those opinions has been seriously weakened by the Second Circuit's ruling in Freedom Holdings.

Moody's review will focus on the possible outcomes if Freedom Holdings proceeds to trial and on the different precedents to which particular transactions are subject. 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. As discussed more fully in the Special Report referenced above, if the model statute were 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. Since this added risk could be detrimental to transactions in New York state, the ratings on these transactions could be materially affected.

The review will also focus on the incentives for a bankrupt cigarette manufacturer to assume the MSA in bankruptcy if the Model Statute is held to be invalid in certain states and the effect of this on transactions in jurisdictions where previous challenges to the MSA or Model Statute have been dismissed by appellate courts. Additional consideration will also be given to the incentives the state has to defend the MSA payments and the Model Statute. New York receives a large portion of the payments under the MSA, and if the state is unable to succeed at the trial level, legislative efforts might help the state meet the requirements imposed by the court, and in effect keep the Model Statute in force.

The review at this point does not encompass the lawyers' fee securitizations. However, rating actions on these transactions will be taken if further events and analysis lead Moody's to believe that these transactions could be adversely affected by the increased legal risk that now exists.

The transactions that have been put under review for possible downgrade are:

Issuer: Alabama 21st Century Authority (Series 2000)

Currently Rated 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)

Currently Rated 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

Currently Rated 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

Currently Rated Baa1

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

Currently Rated 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)

Currently Rated 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

Currently Rated 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)

Currently Rated Baa1

$11,460,000 Series 2002 Tax Exempt Serial Bonds; Rated Maturity Dates of 2008

Currently Rated 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

Currently Rated Baa1

$5,800,000 Serial Bonds, Rated Maturities 2008

Currently Rated 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)

Currently Rated 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

Currently Rated Baa1

$3,575,000 Series 2000A Senior Serial Bonds; Rated Maturities of 2006 to 2008

Currently Rated 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

Currently Rated 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)

Currently Rated Baa1

$21,890,000 Series 2003A-1 Serial Bonds; Rated Maturity Dates of 2006 to 2008

Currently Rated 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

Currently Rated 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

Currently Rated Baa1

$970,000 Fixed Rate Serial Bonds; Rated Maturities of 2006 to 2008

Currently Rated 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

Currently Rated Baa1

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

Currently Rated 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

Currently Rated Baa1

$1,480,000 Serial Bonds; Rated Maturities of 2006 to 2008

Currently Rated 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

Currently Rated Baa1

$2,045,000 Series 2001 Serial Bonds; Maturity Dates of 2006 to 2008

Currently Rated Baa2

$14,005,000 Series 2001 Serial Bonds; Maturity Dates of 2009 to 2016

$48,370,000 Series 2001 Supersinker Term Bonds; Maturity Date of June 1, 2025

$68,005,000 Series 2001 Supersinker Term Bonds; Maturity Date of June 1, 2035

$82,795,000 Series 2001 Supersinker Term Bonds; Maturity Date of June 1, 2043

Issuer: New York Counties Trust III, Series 2003

Currently Rated 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

Currently Rated Baa1

$1,455,000 Serial Bonds; Rated Maturities of 2014 to 2016

Currently Rated 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)

Currently Rated Baa1

$4,245,000 Series 2000 Serial Bonds; Rated Maturities of 2008

Currently Rated 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)

Currently Rated Baa1

$1,975,000 Series 2001 Serial Bonds; Rated Maturities of 2008

Currently Rated 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

Currently Rated Baa1

$340,000 Serial Bonds; Rated Maturities of 2006 to 2008

Currently Rated 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

Currently Rated Baa1

$365,000 Serial Bonds; Rated Maturities of 2006 to 2008

Currently Rated 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

Currently Rated Baa1

$1,610,000 Tax-Exempt Serial Bonds; Rated Maturity Dates of 2006 to 2008

Currently Rated 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

Currently Rated 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

Currently Rated Baa1

$3,100,000 Series 2002B Tax-Exempt Term Bonds; Rated Maturity Date of June 1, 2015

Currently Rated 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

Currently Rated 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

Currently Rated 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

Currently Rated 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

Currently Rated Baa1

$6,290,000 Series 2002 Serial Bonds; Rated Maturity Dates of 2006 to 2008

Currently Rated 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)

Currently Rated Baa1

$3,515,000 Series 2001B Serial Bonds; Rated Maturities of 2006 to 2008

Currently Rated 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)

Currently Rated Baa1

$5,970,000 Series 2001ASerial Bonds; Rated Maturities from 2006 to 2008

Currently Rated 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

Currently Rated Baa3

$68,735,000 Series 2001B Term Bonds; Final Maturity Date of 2043

Issuer: Tobacco Settlement Authority (State of Iowa)

Currently Rated 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)

Currently Rated Baa1

$10,675,000 Tax-Exempt Serial Bonds; Rated Maturity Dates of 2008

Currently Rated 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)

Currently Rated 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

Currently Rated Baa1

$910,000 Convertible Capital Appreciation Serial Bonds; Rated Maturities of 2008

Currently Rated 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)

Currently Rated 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)

Currently Rated Baa1

$20,180,000 Series 2002 Serial Bonds; Rated Maturity Dates of 2008

Currently Rated 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)

Currently Rated Baa1

$8,135,000 Serial Bonds; Rated Maturity Dates of 2006 to 2008

Currently Rated 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)

Currently Rated Baa1

$200,000,000 Term Bonds; Final Maturity Date of May 15, 2016

Currently Rated 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

Currently Rated A1

$21,350,000 Series 1999-1 Bonds; Rated Maturity Dates of 2010 to 2012

Currently Rated A2

$101,020,000 Series 1999-1 Bonds; Rated Maturity Dates of 2013 to 2021

$125,980,000 Series 1999-1 Term Bonds; Rated Maturity Dates from 2021 to 2027

Currently Rated A3

$195,995,000 Series 1999-1 Term Bonds; Rated Maturity Dates from 2027 to 2034

$225,935,000 Series 1999-1 Term Bonds; Rated Maturity Dates from 2034 to 2039

Issuer: TSASC, Inc., Series 2002-1

Currently Rated A1

$2,845,000 Fixed Amortization Serial Bonds; Rated Maturity Dates of 2006 to 2008;

Currently Rated A2

$62,585,000 Fixed Amortization Serial Bonds; Rated Maturity Dates of 2009 to 2014;

$190,710,000 Super Sinker Term Bonds; Rated Maturity Date of July 15, 2024;

Currently Rated A3

$243,860,000 Super Sinker Term Bonds; Rated Maturity Date of July 15, 2032;

Issuer: Ulster Tobacco Asset Securitization Corporation

Currently Rated 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

Currently Rated 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

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.
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