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Rating Action:

Moody's takes action on seven New York counties tobacco settlement deals

16 Jan 2009

New York, January 16, 2009 -- Moody's Investors Service has taken rating actions on 63 classes of tobacco settlement bonds sponsored by certain New York counties. These bonds are backed by varying percentages of payments under the Master Settlement Agreement (MSA) that are owed by tobacco manufacturers to the State of New York and are shared with its counties.

On November 25, 2008, Judge Alvin K. Hellerstein, of the district court in the Southern District of New York in the Second Circuit, issued his preliminary bench ruling on the merits for Freedom Holdings, et al v. Cuomo, et al: the plaintiffs had failed to make a claim. The judge finalized his preliminary decision in a written opinion issued on January 12, 2009. The judge dismissed the plaintiffs' claims on all counts and dissolved the preliminary injunction preventing New York from repealing the Allocable Share Release Clause in its Escrow Statute. This favorable ruling for the defendants (the attorney general and the commissioner of taxation and finance of the State of New York) is a positive development for the tobacco settlement bonds sponsored by the New York counties. As a result of this positive development, Moody's has removed its one notch ratings distinction between bonds sponsored by states or governmental authorities located within the Second Circuit and in other federal circuits. However, like all other tobacco settlement bonds rated by Moody's, the bonds sponsored by the New York counties are under review with direction uncertain because of the risks associated with other legal challenges to the MSA and related legislation.

The rating actions on the New York counties sponsored tobacco deals are based on the favorable Freedom Holdings ruling and the review of paydown trends on the bonds to date. These transactions, with exception of New York Counties Tobacco Trust III, Series 2003, benefit from a super sinker fund structure that acts as a partial turbo structure that uses a portion of available cash to retire term bond principal. The New York Counties Tobacco Trust III, Series 2003 has a full turbo structure. The super sinker fund and turbo features accelerate the payment of outstanding principal and decrease the risk of bond default. By accelerating the reduction of principal the actual amount of interest payable currently due is less than the amount on the expected amortization schedule. This results in each transaction having a slightly higher rated debt coverage ratio then expected at closing.

Other methodologies and factors that may have been considered in the process of rating this issue can also be found at www.moodys.com in the Credit Policy & Methodologies directory.

Complete rating actions are as follows:

Issuer: New York Counties Tobacco Trust I, Series 2000

Serial Bond Class 8, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 9, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 10, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 11, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 12, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 13, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 14, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Term Bond 1, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Flex. Amort. Term Bond 2, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Flex. Amort. Term Bond 3, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Flex. Amort. Term Bond 4, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Issuer: New York Counties Tobacco Trust II, Series 2001

Serial Bond Class 4, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 5, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 6, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 7, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 8, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 9, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 10, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 11, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Super Sinker Term Bond 1, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Super Sinker Term Bond 2, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Super Sinker Term Bond 3, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Issuer: New York Counties Tobacco Trust III, Series 2003

2003 TTB-1, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

2003 TTB-2, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

2003 TTB-3, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Issuer: Niagara Tobacco Asset Securitization Corporation, Series 2000

Serial 9, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial 10, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial 11, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial 12, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial 13, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial 14, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial 15, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial 16, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial 17, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial 18, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial 19, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial 20, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Term 3, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Term 4, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Term 5, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Issuer: Rensselaer Tobacco Asset Securitization Corporation, Series A

Serial Bond Class 4, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 5, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 6, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 7, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 8, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 9, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 10, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 11, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Super Sinker Term Bond, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Super Sinker Term Bond 2, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Super Sinker Term Bond 3, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Issuer: Rockland Tobacco Asset Securitization Corporation, Series 2001

Serial Bond Class 4, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 5, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 6, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 7, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Serial Bond Class 8, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Super Sinker Term Bond 1, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Super Sinker Term Bond 2, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Super Sinker Term Bond 3, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Issuer: Ulster Tobacco Asset Securitization Corporation, Series 2001

Term CI Bond-1, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Term CI Bond-2, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Term CCA Bond-1, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

Term CCA Bond-2, Upgraded to Baa3 and Placed Under Review Direction Uncertain; previously on 4/21/2004 Downgraded to Ba1 and Placed Under Review Direction Uncertain

For more information please see www.moodys.com.

New York
Navneet Agarwal
VP - Senior Credit Officer
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

New York
Jayesh Joseph
Associate Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Moody's takes action on seven New York counties tobacco settlement deals
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