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Related Issuers
Buckeye Tobacco Settlement Financing Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007 (State of Ohio)
California County Tobacco Securitization Agency (Los Angeles County Securitization Corporation) Series 2006A Convertible Turbo Bonds
California Statewide Financing Authority (Pooled Tobacco Securitization Program) , Series 2002
Children's Trust, Series 2002
City of San Diego Tobacco Settlement Revenue Funding Corporation
District of Columbia Tobacco Settlement Financing Corporation, Series 2001
Educational Enhancement Funding Corporation - Tobacco Settlement Asset-Backed Bonds, Series 2002A and 2002B
Golden State Tobacco Securitization Corporation (2007 Indenture)
Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Bonds, Series 2006 and 2008
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 2006
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 (Merced County Tobacco Funding Corporation) - Tobacco Settlement Asset-Backed Refunding Bonds
The California County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corporation), Series 2002
Tobacco Securitization Authority of Northern California (Sacramento County)
Tobacco Securitization Authority of Southern California (San Diego)
Tobacco Settlement Authority (Iowa), Series 2005
Tobacco Settlement Authority (Washington), Series 2002
Tobacco Settlement Finance Authority (Taxable Tobacco Settlement Asset-Backed Bonds, Series 2007) West Virginia
Tobacco Settlement Financing Corporation (New Jersey), Series 2007-1
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 Financing Corporation, Series 2007
Ulster Tobacco Asset Securitization Corporation, Series 2001
Rating Action:

Moody's places 31 tobacco settlement bonds under review

22 Jan 2013

$20.5 billion of asset-backed securities affected

New York, January 22, 2013 -- Moody's Investors Service has placed under review with direction uncertain term bonds in tobacco settlement revenue transactions. The transactions are securitizations of payments that major tobacco manufacturers owe to 46 states and certain territories pursuant to the 1998 Master Settlement Agreement (MSA). Tobacco Settlement Bonds Put On Watch Direction Uncertain - Rating list - Excel data

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF314699

RATINGS RATIONALE

The rating actions are a result of credit implications of the proposed agreement announced on December 18, 2012, to settle payment disputes for the years 2003-2012 between major tobacco manufacturers and 17 states and two territories. The new agreement remains subject to approval by an arbitration panel. If approved, several provisions of the agreement will reduce cash flow to most term bonds in the securitizations sponsored by states joining the agreement. On a net basis, the joining states will receive only 54% of the approximately $4 billion share under dispute, significantly less than the 100% that we expected. In addition, by setting forth a new formula for addressing future payment disputes, the agreement suggests that similar payment disputes and concomitant settlements at less than 100% could continue for a long period of time, potentially for the entire term of the bonds. These two provisions of the agreement also indirectly impact the securitizations sponsored by the non-joining states, because they set a precedent that their recoveries of future disputed amounts can be less than 100% and that the payment disputes will continue for a long period of time, both credit negatives.

In addition, Moody's is in the process of correcting certain errors in the cash flow models used in rating tobacco settlement revenue bonds. We expect that in some cases the correction will have a positive credit impact on the term bonds; in other cases the correction will likely have a slightly negative credit impact on the bonds.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was "Moody's Approach to Rating Tobacco Settlement Revenue Securitization" published on May 25, 2011. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

Complete ratings action as follow:

Issuer: Buckeye Tobacco Settlement Financing Authority, Tobacco Settlement Asset-Backed Bonds, Series 2007 (State of Ohio)

Series 2007A-2-1 Senior Current Interest Turbo Term Bonds, B3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B3 (sf)

Series 2007A-2-2 Senior Current Interest Turbo Term Bonds, B3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B3 (sf)

Series 2007A-2-3 Senior Current Interest Turbo Term Bonds, B3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B3 (sf)

Series 2007A-2-4 Senior Current Interest Turbo Term Bonds, B3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B3 (sf)

Series 2007A-2-5 Senior Current Interest Turbo Term Bonds, B3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B3 (sf)

Series 2007A-2-6 Senior Current Interest Turbo Term Bonds, B3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B3 (sf)

Series 2007A-2-7 Senior Current Interest Turbo Term Bonds, B3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B3 (sf)

Series 2007-A-3 Senior Convertible Capital Appreciation Turbo Term Bonds, B3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B3 (sf)

Issuer: California County Tobacco Securitization Agency (Los Angeles County Securitization Corporation) Series 2006A Convertible Turbo Bonds

Cl. 2006A-1, B2 (sf) Placed Under Review Direction Uncertain; previously on Jun 15, 2012 Downgraded to B2 (sf)

Cl. 2006A-2, B2 (sf) Placed Under Review Direction Uncertain; previously on Jun 15, 2012 Downgraded to B2 (sf)

Cl. 2006A-3, B2 (sf) Placed Under Review Direction Uncertain; previously on Jun 15, 2012 Downgraded to B2 (sf)

Cl. 2006A-4, B2 (sf) Placed Under Review Direction Uncertain; previously on Jun 15, 2012 Downgraded to B2 (sf)

Cl. 2006A-5, B2 (sf) Placed Under Review Direction Uncertain; previously on Jun 15, 2012 Downgraded to B2 (sf)

Issuer: California County Tobacco Securitization Agency (Merced County Tobacco Funding Corporation) - Tobacco Settlement Asset-Backed Refunding Bonds

2005A-1, Ba2 (sf) Placed Under Review Direction Uncertain; previously on Jun 15, 2012 Upgraded to Ba2 (sf)

2005A-2, B1 (sf) Placed Under Review Direction Uncertain; previously on Jun 15, 2012 Upgraded to B1 (sf)

2005A-3, B2 (sf) Placed Under Review Direction Uncertain; previously on Jun 15, 2012 Upgraded to B2 (sf)

Issuer: California Statewide Financing Authority (Pooled Tobacco Securitization Program) , Series 2002

Ser. 2002A Term Bonds 1, Baa3 (sf) Placed Under Review Direction Uncertain; previously on Jun 15, 2012 Upgraded to Baa3 (sf)

Ser. 2002A Term Bonds 2, Ba3 (sf) Placed Under Review Direction Uncertain; previously on Jun 15, 2012 Upgraded to Ba3 (sf)

Ser. 2002A Term Bonds 3, Ba3 (sf) Placed Under Review Direction Uncertain; previously on Jun 15, 2012 Upgraded to Ba3 (sf)

Ser. 2002B Term Bonds 1, Baa3 (sf) Placed Under Review Direction Uncertain; previously on Jun 15, 2012 Upgraded to Baa3 (sf)

Ser. 2002B Term Bonds 2, Ba3 (sf) Placed Under Review Direction Uncertain; previously on Jun 15, 2012 Upgraded to Ba3 (sf)

Ser. 2002B Term Bonds 3, Ba3 (sf) Placed Under Review Direction Uncertain; previously on Jun 15, 2012 Upgraded to Ba3 (sf)

Issuer: Children's Trust, Series 2002

Term Bond 1, Baa3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Confirmed at Baa3 (sf)

Term Bond 2, Baa3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Confirmed at Baa3 (sf)

Term Bond 3, Baa3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Confirmed at Baa3 (sf)

Issuer: City of San Diego Tobacco Settlement Revenue Funding Corporation

Term Bonds, Baa1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to Baa1 (sf)

Issuer: District of Columbia Tobacco Settlement Financing Corporation, Series 2001

Term Bond 1, A1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to A1 (sf)

Term Bond 2, Baa1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to Baa1 (sf)

Term Bond 3, Baa1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to Baa1 (sf)

Issuer: Educational Enhancement Funding Corporation - Tobacco Settlement Asset-Backed Bonds, Series 2002A and 2002B

Ser. 2002A Taxable Term Bond 1, A1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to A1 (sf)

Ser. 2002 Tax-Exempt Term Bond 2, A3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to A3 (sf)

Issuer: Golden State Tobacco Securitization Corporation (2007 Indenture)

TT Bds A-1-1, B3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B3 (sf)

TT Bds A-1-2, B3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B3 (sf)

TT Bds A-1-3, B3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B3 (sf)

TT Bds A-1-4, B3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B3 (sf)

CVT Bds A-2, B3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B3 (sf)

Issuer: Michigan Tobacco Settlement Finance Authority, Tobacco Settlement Asset-Backed Bonds, Series 2006 and 2008

Series 2006A Fixed Rate Turbo Term Bonds, B2 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B2 (sf)

Series 2008A Current Interest Turbo Term Bonds, B2 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B2 (sf)

Issuer: New York Counties Tobacco Trust I, Series 2000

Term Bond 1, A1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to A1 (sf)

Flex. Amort. Term Bond 2, A1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to A1 (sf)

Flex. Amort. Term Bond 3, Baa1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to Baa1 (sf)

Flex. Amort. Term Bond 4, Baa1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to Baa1 (sf)

Issuer: New York Counties Tobacco Trust II, Series 2001

Super Sinker Term Bond 1, A3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to A3 (sf)

Super Sinker Term Bond 2, Baa1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to Baa1 (sf)

Super Sinker Term Bond 3, Baa2 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to Baa2 (sf)

Issuer: New York Counties Tobacco Trust III, Series 2003

2003 TTB-2, A1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to A1 (sf)

2003 TTB-3, A3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to A3 (sf)

Issuer: Niagara Tobacco Asset Securitization Corporation, Series 2000

Term 3, Baa2 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to Baa2 (sf)

Term 4, Baa3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Confirmed at Baa3 (sf)

Term 5, Baa3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Confirmed at Baa3 (sf)

Issuer: Northern Tobacco Securitization Corporation, Series 2006

2006-A-1, Ba1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to Ba1 (sf)

2006-A-2, B2 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B2 (sf)

2006-A-3, B2 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B2 (sf)

Issuer: Rensselaer Tobacco Asset Securitization Corporation, Series A

Super Sinker Term Bond, A3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to A3 (sf)

Super Sinker Term Bond 2, A3 Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to A3

Super Sinker Term Bond 3, A3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to A3 (sf)

Issuer: Rockland Tobacco Asset Securitization Corporation, Series 2001

Super Sinker Term Bond 1, Baa1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to Baa1 (sf)

Super Sinker Term Bond 2, Baa1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to Baa1 (sf)

Super Sinker Term Bond 3, Baa1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to Baa1 (sf)

Issuer: The California County Tobacco Securitization Agency ( Fresno County Tobacco Funding Corporation), Series 2002

Ser. 2002 Term Bonds 1, A3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to A3 (sf)

Ser. 2002 Term Bonds 2, A3 (sf) Placed Under Review Direction Uncertain; previously on May 14, 2012 Upgraded to A3 (sf)

Ser. 2002 Term Bonds 3, Baa2 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to Baa2 (sf)

Ser. 2002 Term Bond 4, Baa3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Confirmed at Baa3 (sf)

Issuer: The California County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corporation), Series 2002

Ser. 2002 Turbo Bond 1, A2 (sf) Placed Under Review Direction Uncertain; previously on Jun 15, 2012 Downgraded to A2 (sf)

Ser. 2002 Turbo Bond 2, Baa2 (sf) Placed Under Review Direction Uncertain; previously on Jun 15, 2012 Downgraded to Baa2 (sf)

Ser. 2002 Turbo Bond 3, Ba1 (sf) Placed Under Review Direction Uncertain; previously on Jun 15, 2012 Downgraded to Ba1 (sf)

Ser. 2002 Turbo Bond 4, Ba2 (sf) Placed Under Review Direction Uncertain; previously on Jun 15, 2012 Downgraded to Ba2 (sf)

Issuer: The California County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corporation), Series 2002

Ser. 2002A Term Bond 1, Baa1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to Baa1 (sf)

Ser. 2002A Term Bond 2, Baa1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to Baa1 (sf)

Issuer: Tobacco Securitization Authority of Southern California (San Diego)

2006A-1-1, B1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B1 (sf)

2006A-1-2, B3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B3 (sf)

2006A-1-3, B2 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B2 (sf)

Issuer: Tobacco Settlement Authority (Iowa), Series 2005

2005A TNs, Ba1 (sf) Placed Under Review Direction Uncertain; previously on Dec 11, 2012 Upgraded to Ba1 (sf)

2005B TNs, B2 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B2 (sf)

2005-C1 TNs, B2 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B2 (sf)

2005-C2 TNs, B2 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B2 (sf)

2005-C3 TNs, B2 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B2 (sf)

Issuer: Tobacco Securitization Authority of Northern California (Sacramento County)

2005A-1-1, B3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B3 (sf)

2005A-1-2, Caa1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to Caa1 (sf)

2005A-1-3, B3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B3 (sf)

2005A-2, Caa1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to Caa1 (sf)

Issuer: Tobacco Settlement Authority (Washington), Series 2002

Ser. 2002 Term Bond 8, A3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to A3 (sf)

Ser. 2002 Term Bond 9, Baa1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to Baa1 (sf)

Issuer: Tobacco Settlement Finance Authority (Taxable Tobacco Settlement Asset-Backed Bonds, Series 2007) West Virginia

2007A TT CIBS, B2 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B2 (sf)

Issuer: Tobacco Settlement Financing Corporation (New Jersey), Series 2007-1

2007-1A Term Bond 1, B1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B1 (sf)

2007-1A Term Bond 2, B1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B1 (sf)

2007-1A Term Bond 3, B2 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B2 (sf)

2007-1A Term Bond 4, B2 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B2 (sf)

2007-1A Term Bond 5, B2 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B2 (sf)

Issuer: Tobacco Settlement Financing Corporation (Virgin Islands), Series 2001

Term Bond 1, A1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to A1 (sf)

Term Bond 2, A3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to A3 (sf)

Issuer: Tobacco Settlement Financing Corporation, Series 2001A and 2001B

Ser. 2001B-1 Tax-Exempt Term Bond, A1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to A1 (sf)

Ser. 2001B-2 Tax-Exempt Term Bond, A3 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Upgraded to A3 (sf)

Issuer: Tobacco Settlement Financing Corporation, Series 2002A and 2002B

Ser. 2002A Tax-Exempt Term Bond 1, Baa1 (sf) Placed Under Review Direction Uncertain; previously on Jul 9, 2012 Confirmed at Baa1 (sf)

Ser. 2002A Tax-Exempt Term Bond 2, Baa3 (sf) Placed Under Review Direction Uncertain; previously on Jan 24, 2012 Upgraded to Baa3 (sf)

Ser. 2002A Tax-Exempt Term Bond 3, Ba1 (sf) Placed Under Review Direction Uncertain; previously on Jan 24, 2012 Upgraded to Ba1 (sf)

Issuer: Tobacco Settlement Financing Corporation, Series 2007

2007A Turbo Term Bonds, B2 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B2 (sf)

2007B-1 Turbo Term Bonds, B2 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B2 (sf)

2007B-2 Turbo Term Bonds, B2 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B2 (sf)

Issuer: Ulster Tobacco Asset Securitization Corporation, Series 2001

Term CI Bond-1, B1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B1 (sf)

Term CI Bond-2, B1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B1 (sf)

Term CCA Bond-1, B1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B1 (sf)

Term CCA Bond-2, B1 (sf) Placed Under Review Direction Uncertain; previously on Sep 8, 2011 Downgraded to B1 (sf)

REGULATORY DISCLOSURES

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Jinyang Wang
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

John Park
MD - Structured Finance
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's places 31 tobacco settlement bonds under review
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.

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Moody’s Investors Service, Inc., a wholly-owned credit rating agency subsidiary of Moody’s Corporation (“MCO”), hereby discloses that most issuers of debt securities (including corporate and municipal bonds, debentures, notes and commercial paper) and preferred stock rated by Moody’s Investors Service, Inc. have, prior to assignment of any 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.

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