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
Moody's Investors Service
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Moody's takes actions on tobacco settlement bonds
