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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)
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
Tobacco Settlement Revenue Management Authority - Tobacco Settlement Asset-Backed Refunding Bonds, Series 2008 (S. Carolina)
Ulster Tobacco Asset Securitization Corporation, Series 2001
Announcement:

Moody's takes actions on tobacco settlement bonds

21 Dec 2010

Approximately $22 billion of asset-backed securities affected.

New York, December 21, 2010 -- Moody's Investors Service has taken actions on 35 securitizations of payments owed to the issuers pursuant to the Master Settlement Agreement (MSA) between the domestic tobacco manufacturers and the 46 states and certain territories party thereto.

RATINGS RATIONALE

The actions are being taken as a result of the adjudication of the Freedom Holdings case discussed below, the outcome of which materially reduces the uncertainty surrounding certain important legal risks to the cash flows of these transactions. The specific actions address Moody's views on both (i) the reduced legal uncertainty to the MSA cash flows due to the Freedom Holdings decision, and (ii) the impact of continued declines and outlook for future declines in cigarette consumption.

LEGAL CHALLENGES TO MSA AND THE MODEL STATUTES

We are removing the review with direction uncertain and confirming the ratings on 12 classes in 8 transactions. As a result of certain litigation challenges to MSA-related legislation, all transactions were placed under review with direction uncertain in April 2004. For a detailed review of the legal risk related to the MSA cash flows, please refer to Moody's Special Report: "Rating Implications of Freedom Holdings Ruling on Tobacco Settlement Bonds," March 6, 2009. As discussed in the report, in November 2008, the district court judge in the Southern District of New York in the 2nd Circuit issued his preliminary bench ruling on the merits of Freedom Holdings, et al. v. Cuomo, et al. The judge dismissed the plaintiffs' claims on all counts. The plaintiffs, importers and distributors of cigarettes, had alleged that the MSA and the New York implementing legislation violated federal antitrust law and the Commerce Clause of the U.S. Constitution. This favorable decision was upheld by the 2nd Circuit Appellate Court in October 2010.

As a result of these positive developments, we believe that other legal challenges to the MSA regime are equally likely to fail, and that such legal risk to the transactions has been materially reduced. Consequently, we are taking all outstanding rated bonds off review with direction uncertain.

CONSUMPTION DECLINES REDUCE CASH FLOW TO THE DEALS

We are placing 67 classes in 19 transactions under review for possible downgrade. The 2010 MSA payment was approximately $6.4 Billion, or 16%, lower than the 2009 payment. The reduction in the payments was a result of two main factors: 1) the 9.3% decline in the 2009 cigarette shipments in response to the federal excise tax increase from 39 cents to $1.01 per pack that came on top of the "normal" cigarette consumption decline, and 2) the approximately 8% Non- Participating Manufacturer (NPM) adjustment. The NPM adjustments are subject to a dispute between the states and the participating manufacturers, and most of these adjustments will not be available to service securitization debt until the dispute is resolved.

The decline in the 2010 MSA payment negatively affected securitizations' Debt Service Coverage Ratios (DSCR). Although no transactions that Moody's rates had to draw on the available cash reserve accounts to make the required interest and/or principal payments, DSCRs in many transactions declined substantially.

Moody's expects that the projected cigarette consumption declines will subject some transactions to a significant stress. Historically, cigarette consumption has experienced annual declines between 2% and 4%. Going forward we expect annual declines to continue in the upper end of this range ( 3%-4%) and beyond this range if any decline shock events occur. Declines result from growing consumer awareness of the health risks related to the tobacco products, restrictive regulations, and wide availability of the smoking cessation products. Any additional taxation and the anticipated limitations on menthol cigarettes could introduce additional one-time decline shocks (i.e., accelerated decline rates) to the annual cigarette shipment volumes.

STRONG CASH POSITION AND LOW LEVERAGE PROTECTS SOME TRANCHES

We are placing 140 classes in 25 transactions under review for possible upgrade. Most of these classes are serial bonds, which are positioned very strongly. Many of them mature in the near future, and will not be materially affected by the future MSA payment declines. In addition, many transaction structures include Liquidity and Debt Service reserve accounts in the amounts sufficient to cover most, if not all, serial bond maturity payments.

PRINCIPAL METHODOLOGY

The principal methodology used in rating these issues is "Moody's Approach to Rating Tobacco Settlement Revenue Securitizations," published in May 2001 and available on www.moodys.com in the Rating Methodologies sub-directory under the Research & Ratings tab. Other methodologies and factors that may have been considered in the process of rating these issues can also be found in the Rating Methodologies sub-directory on Moody's website. In addition, Moody's publishes a weekly summary of structured finance credit, ratings and methodologies, available to all registered users of our website, at www.moodys.com/SFQuickCheck.

Issuer: Alabama 21 Century Authority, Series 2001

Cl. 9, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

Cl. 10, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

Cl. 14, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

Cl. 15, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

Cl. 11, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

Cl. 12, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

Cl. 13, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

Cl. 16, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

Cl. 17, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

Term Bond Cl. 1, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

Issuer: Alabama 21st Century Authority, Series 2000

Class 11, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

Class 12, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

Class 13, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

Class 14, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

Class 15, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

Issuer: Arkansas Development Finance Authority, Tobacco Settlement Revenue Bonds, Series 2001 (Biosciences Institutes and College of Public Health Projects)

Serial Bond Class 9, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

Serial Bond Class 10, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

Term Bond Class 1, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

Term Bond Class 2, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

Term Bond Class 3, Baa1 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa1 (sf) and Placed Under Review Direction Uncertain

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

Series 2007A-1-4 Senior Current Interest Serial Bonds, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Oct 31, 2007 Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Series 2007A-1-5 Senior Current Interest Serial Bonds, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Oct 31, 2007 Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Series 2007A-1-6 Senior Current Interest Serial Bonds, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Oct 31, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Series 2007A-1-7 Senior Current Interest Serial Bonds, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Oct 31, 2007 Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Series 2007A-1-8 Senior Current Interest Serial Bonds, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Oct 31, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Series 2007A-1-9 Senior Current Interest Serial Bonds, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Oct 31, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Series 2007A-1-10 Senior Current Interest Serial Bonds, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Oct 31, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Series 2007A-1-11 Senior Current Interest Serial Bonds, Confirmed at Baa3 (sf); previously on Oct 31, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Series 2007A-1-12 Senior Current Interest Serial Bonds, Confirmed at Baa3 (sf); previously on Oct 31, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Series 2007A-2-1 Senior Current Interest Turbo Term Bonds, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Oct 31, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Series 2007A-2-2 Senior Current Interest Turbo Term Bonds, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Oct 31, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Series 2007A-2-3 Senior Current Interest Turbo Term Bonds, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Oct 31, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Series 2007A-2-4 Senior Current Interest Turbo Term Bonds, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Oct 31, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Series 2007A-2-5 Senior Current Interest Turbo Term Bonds, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Oct 31, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Series 2007A-2-6 Senior Current Interest Turbo Term Bonds, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Oct 31, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Series 2007A-2-7 Senior Current Interest Turbo Term Bonds, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Oct 31, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Series 2007-A-3 Senior Convertible Capital Appreciation Turbo Term Bonds, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Oct 31, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

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

2005A-1, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Nov 8, 2005 Definitive Rating Assigned Baa3 (sf)

2005A-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Nov 8, 2005 Definitive Rating Assigned Baa3 (sf)

2005A-3, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Nov 8, 2005 Definitive Rating Assigned Baa3 (sf)

2005B, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Nov 8, 2005 Definitive Rating Assigned Baa3 (sf)

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

Ser. 2002A Serial Bonds 7, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002A Serial Bonds 8, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002A Serial Bonds 9, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002A Serial Bonds 10, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002A Serial Bonds 11, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002A Serial Bonds 12, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002A Serial Bonds 13, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002B Serial Bonds 7, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002B Serial Bonds 8, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002B Serial Bonds 9, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002B Serial Bonds 10, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002B Serial Bonds 11, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002B Serial Bonds 12, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002B Serial Bonds 13, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002A Term Bonds 1, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002A Term Bonds 2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002A Term Bonds 3, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002B Term Bonds 1, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002B Term Bonds 2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002B Term Bonds 3, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Issuer: Children's Trust, Series 2002

Serial Bond 4, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Serial Bond 5, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Serial Bond 6, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Serial Bond 7, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Serial Bond 9, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Term Bond 1, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Term Bond 2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Term Bond 3, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

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

Serial Bond Class 4, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Serial Bond Class 5, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Serial Bond Class 6, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Serial Bond Class 7, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Term Bond 1, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Term Bond 2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Term Bond 3, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

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

Ser. 2002A Taxable Term Bond 1, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002 Tax-Exempt Term Bond 2, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Issuer: Golden State Tobacco Securitization Corporation (2007 Indenture)

CI Bds A-1-3, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Mar 27, 2007 Baa3 (sf) Placed Under Review Direction Uncertain

CI Bds A-1-4, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Mar 27, 2007 Baa3 (sf) Placed Under Review Direction Uncertain

CI Bds A-1-5, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Mar 27, 2007 Baa3 (sf) Placed Under Review Direction Uncertain

CI Bds A-1-6, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Mar 27, 2007 Baa3 (sf) Placed Under Review Direction Uncertain

CI Bds A-1-7, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Mar 27, 2007 Baa3 (sf) Placed Under Review Direction Uncertain

CI Bds A-1-8, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Mar 27, 2007 Baa3 (sf) Placed Under Review Direction Uncertain

CI Bds A-1-9, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Mar 27, 2007 Baa3 (sf) Placed Under Review Direction Uncertain

CI Bds A-1-10, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Mar 27, 2007 Baa3 (sf) Placed Under Review Direction Uncertain

CI Bds A-1-11, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Mar 27, 2007 Baa3 (sf) Placed Under Review Direction Uncertain

CI Bds A-1-12, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Mar 27, 2007 Baa3 (sf) Placed Under Review Direction Uncertain

CI Bds A-1-13, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Mar 27, 2007 Baa3 (sf) Placed Under Review Direction Uncertain

TT Bds A-1-1, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 27, 2007 Baa3 (sf) Placed Under Review Direction Uncertain

TT Bds A-1-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 27, 2007 Baa3 (sf) Placed Under Review Direction Uncertain

TT Bds A-1-3, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 27, 2007 Baa3 (sf) Placed Under Review Direction Uncertain

TT Bds A-1-4, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 27, 2007 Baa3 (sf) Placed Under Review Direction Uncertain

CVT Bds A-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Mar 27, 2007 Baa3 (sf) Placed Under Review Direction Uncertain

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

Series 2006A Fixed Rate Turbo Term Bonds, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on May 26, 2006 Definitive Rating Assigned Baa3 (sf) and Remained On Review Direction Uncertain

Series 2008A Current Interest Turbo Term Bonds, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Jul 10, 2008 Definitive Rating Assigned Baa3 (sf) and Remained On Review Direction Uncertain

Issuer: New York Counties Tobacco Trust I, Series 2000

Serial Bond Class 10, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial Bond Class 11, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial Bond Class 12, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial Bond Class 13, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial Bond Class 14, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Term Bond 1, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Flex. Amort. Term Bond 2, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Flex. Amort. Term Bond 3, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Flex. Amort. Term Bond 4, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Issuer: New York Counties Tobacco Trust II, Series 2001

Serial Bond Class 6, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial Bond Class 7, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial Bond Class 8, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial Bond Class 9, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial Bond Class 10, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial Bond Class 11, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Super Sinker Term Bond 1, Confirmed at Baa3 (sf); previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Super Sinker Term Bond 2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Super Sinker Term Bond 3, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Issuer: New York Counties Tobacco Trust III, Series 2003

2003 TTB-1, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

2003 TTB-2, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

2003 TTB-3, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Issuer: Northern Tobacco Securitization Corporation, Series 2006

2006-A-1, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Sep 5, 2006 Baa3 (sf) Placed Under Review Direction Uncertain

2006-A-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Sep 5, 2006 Baa3 (sf) Placed Under Review Direction Uncertain

2006-A-3, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Sep 5, 2006 Baa3 (sf) Placed Under Review Direction Uncertain

Issuer: Rensselaer Tobacco Asset Securitization Corporation, Series A

Serial Bond Class 6, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial Bond Class 7, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial Bond Class 8, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial Bond Class 9, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial Bond Class 10, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial Bond Class 11, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Super Sinker Term Bond, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Super Sinker Term Bond 2, Confirmed at Baa3 (sf); previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Super Sinker Term Bond 3, Confirmed at Baa3 (sf); previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Issuer: Rockland Tobacco Asset Securitization Corporation, Series 2001

Serial Bond Class 6, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial Bond Class 7, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial Bond Class 8, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Super Sinker Term Bond 1, Confirmed at Baa3 (sf); previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Super Sinker Term Bond 2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Super Sinker Term Bond 3, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

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

Ser. 2002 Serial Bonds 3, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002 Serial Bonds 4, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002 Serial Bonds 5, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002 Serial Bonds 6, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002 Serial Bonds 7, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002 Term Bonds 1, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002 Term Bonds 2, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002 Term Bonds 3, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002 Term Bond 4, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

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

Ser. 2002 Serial Bonds 9, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002 Serial Bonds 10, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002 Turbo Bond 1, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002 Turbo Bond 2, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002 Turbo Bond 3, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002 Turbo Bond 4, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

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

Ser. 2002A Term Bond 1, Confirmed at Baa3 (sf); previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002A Term Bond 2, Confirmed at Baa3 (sf); previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

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

2005A-1-1, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 29, 2005 Baa3 (sf) Placed Under Review Direction Uncertain

2005A-1-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 29, 2005 Baa3 (sf) Placed Under Review Direction Uncertain

2005A-1-3, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 29, 2005 Baa3 (sf) Placed Under Review Direction Uncertain

2005A-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 29, 2005 Baa3 (sf) Placed Under Review Direction Uncertain

Issuer: Tobacco Settlement Authority (Iowa), Series 2005

2005A TNs, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 5, 2005 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2005B TNs, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 5, 2005 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2005-C1 TNs, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 5, 2005 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2005-C2 TNs, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 5, 2005 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2005-C3 TNs, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Dec 5, 2005 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Issuer: Tobacco Settlement Authority (Washington), Series 2002

Ser. 2002 Serial Bond 6, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002 Serial Bond 7, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002 Term Bond 8, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002 Term Bond 9, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

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

2007A TT CIBS, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 27, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

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

2007-1A Serial Bond 4, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Feb 6, 2007 Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2007-1A Serial Bond 5, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Feb 6, 2007 Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2007-1A Serial Bond 6, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Feb 6, 2007 Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2007-1A Serial Bond 7, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Feb 6, 2007 Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2007-1A Serial Bond 8, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Feb 6, 2007 Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2007-1A Serial Bond 9, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Feb 6, 2007 Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2007-1A Serial Bond 10, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Feb 6, 2007 Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2007-1A Serial Bond 11, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Feb 6, 2007 Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2007-1A Serial Bond 12, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Feb 6, 2007 Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2007-1A Term Bond 1, Confirmed at Baa3 (sf); previously on Feb 6, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2007-1A Term Bond 2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 6, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2007-1A Term Bond 3, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 6, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2007-1A Term Bond 4, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 6, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2007-1A Term Bond 5, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 6, 2007 Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

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

Serial Bond 4, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Serial Bond 5, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Serial Bond 6, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Serial Bond 7, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Term Bond 1, Confirmed at Baa3 (sf); previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Term Bond 2, Confirmed at Baa3 (sf); previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

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

Ser. 2001B-1 Tax-Exempt Term Bond, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2001B-2 Tax-Exempt Term Bond, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

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

Ser. 2002A Tax-Exempt Term Bond 2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002A Tax-Exempt Term Bond 3, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Ser. 2002A Tax-Exempt Term Bond 1, Confirmed at Baa3 (sf); previously on Apr 21, 2004 Downgraded to Baa3 (sf) and Placed Under Review Direction Uncertain

Issuer: Tobacco Settlement Financing Corporation, Series 2007

2007A Turbo Term Bonds, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2007B-1 Turbo Term Bonds, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2007B-2 Turbo Term Bonds, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on May 3, 2007 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Issuer: Ulster Tobacco Asset Securitization Corporation, Series 2001

Term CI Bond-1, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Term CI Bond-2, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Term CCA Bond-1, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Term CCA Bond-2, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

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

Cl. 2006A-1, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 14, 2006 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Cl. 2006A-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 14, 2006 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Cl. 2006A-3, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 14, 2006 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Cl. 2006A-4, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 14, 2006 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Cl. 2006A-5, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Feb 14, 2006 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Issuer: City of San Diego Tobacco Settlement Revenue Funding Corporation

Term Bonds, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jun 22, 2006 Definitive Rating Assigned Baa3 (sf) and Remained On Review Direction Uncertain

Issuer: Niagara Tobacco Asset Securitization Corporation, Series 2000

Serial 13, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial 14, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial 15, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial 16, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial 17, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial 18, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial 19, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Serial 20, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Term 3, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Term 4, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

Term 5, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Jan 16, 2009 Upgraded to Baa3 (sf) and Remained On Review Direction Uncertain

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

2006A-1-1, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 9, 2006 Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2006A-1-2, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 9, 2006 Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

2006A-1-3, Baa3 (sf) Placed Under Review for Possible Downgrade; previously on Jun 9, 2006 Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

Issuer: Tobacco Settlement Revenue Management Authority - Tobacco Settlement Asset-Backed Refunding Bonds, Series 2008 (State of South Carolina)

Tobacco Settlement Asset-Backed Refunding Bonds, Series 2008, Baa3 (sf) Placed Under Review for Possible Upgrade; previously on Jun 30, 2008 Definitive Rating Assigned Baa3 (sf) and Placed Under Review Direction Uncertain

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

New York
David Nathanson
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

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JOURNALISTS: 212-553-0376
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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 credit rating, agreed to pay to MJKK or MSFJ (as applicable) for credit ratings opinions and services rendered by it fees ranging from JPY100,000 to approximately JPY550,000,000.

MJKK and MSFJ also maintain policies and procedures to address Japanese regulatory requirements.

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