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Fitch Places 260 Tobacco Settlement Asset-Backed Bonds on Rating Watch Positive Source from: Wednesday September 12, NEW YORK--(BUSINESS WIRE) 09/13/2007  Fitch Ratings place all of its outstanding Tobacco Settlement Asset-Backed Bonds ratings on Rating Watch Positive as listed below. This action is due to Fitch's upgrade of the corporate rating of the domestic tobacco industry to 'BBB' from 'BBB-' with a Stable Outlook on August 29, 2007. Fitch's rating of the most senior tranches of tobacco settlement bonds is influenced by Fitch's corporate rating of the tobacco industry, with a maximum attainable rating of one notch above the tobacco industry rating. As such, Fitch's maximum rating for tobacco settlement bonds has moved to 'BBB+' from 'BBB'. In addition, Fitch is reviewing its consumption stresses to incorporate some of the same developments that were incorporated in the industry upgrade. Per Fitch's criteria, the ratings on the tobacco bonds are the lower of the maximum attainable rating and the rating commensurate with the stress at which each tranche passes.
The corporate rating of the domestic tobacco industry incorporates the creditworthiness of the domestic tobacco subsidiaries on a stand-alone basis, without reliance on parental financial support. The recent corporate rating actions reflect the operational and financial improvements of the major industry participants over the past two years and the continued manageability of litigation risk. Fitch's assessment of the domestic tobacco industry centers on class action cases with the greatest near-to-intermediate term risk. Beyond the legal issues, there are several continuing negative pressures on the tobacco industry including extensive smoking bans which diminish demand and rising excise taxes that can reduce pricing flexibility. Despite these industry factors, the tobacco businesses generate substantial free cash flow.
Fitch's ratings on the senior most tobacco settlement bonds can be as high as one notch above the industry rating. Fitch believes that in the event of bankruptcy the Master Settlement Agreement (MSA) would be viewed as an executory contract whereby the manufacturers would be likely to choose to continue making payments under the MSA in order to retain the benefits under the MSA, allowing Fitch to assign a rating one notch higher than the industry rating. Over the past year, the tobacco industry's litigation environment has improved with favorable rulings for the leading tobacco manufacturers. In light of recent rulings, Fitch is reviewing its cash flow stresses for all rating levels in consideration of the decreased tobacco litigation over the near term. Fitch anticipates that most upgrades will be limited to one notch.
Notification of any upgrades will be announced upon Fitch's review of the transactions. Additionally, Fitch will update its Tobacco Settlement Bond criteria to reflect the changes to the cash flow stresses within the next 60 days.
For more information on Fitch's upgrade of the corporate rating of the domestic tobacco industry, please see the press release 'Fitch Affirms Altria's L-T IDR at 'BBB+'; Places Phillip Morris Intl's Rating on Watch Positive' dated August 29, 2007 and available on the Fitch Ratings web site www.fitchratings.com.
Fitch places the following tobacco settlement asset-backed bonds on Rating Watch Positive:
Inland Empire Tobacco Securitization Authority
tobacco settlement asset-backed bonds Series 2007
Inland Empire Tobacco Securitization Corporation)
(Riverside County, California)
$32,500,000.00 Series 2007A Senior Current Interest Bonds, due June 1, 2021, 'BBB';
$55,150,000.00 Series 2007A Senior Current Interest Bonds, due June 1, 2021, 'BBB';
$53,757,702.60 Series 2007B Senior Convertible Turbo Term Bonds, due June 1, 2026, 'BBB';
$53,541,801.45 Series 2007C-1 Subordinate Turbo Capital Appreciation Term Bonds, due June 1, 2036, 'BBB';
$29,652,581.40 Series 2007C-2 Subordinate Turbo Capital Appreciation Term Bonds, due June 1, 2047, 'BBB';
$23,457,163.80 Series 2007D Subordinate Turbo Capital Appreciation Term Bonds, due June 1, 2057, 'BBB-';
$18,948,552.00 Series 2007E Subordinate Turbo Capital Appreciation Term Bonds, due June 1, 2057, 'BB'.
California County Tobacco Securitization Agency
(Golden Gate Tobacco Funding Corporation), tobacco settlement asset-backed bonds, series 2007
(Marin County)
$8,830,000 Series 2007A Current Interest Turbo Bonds, due May 15, 2021, 'BBB';
$6,123,570 Series 2007B Convertible Turbo Bonds, due May 15, 2028, 'BBB';
$9,280,000 Series 2007A Current Interest Turbo Bonds, due May 15, 2036, 'BBB';
$17,275,000 Series 2007A Current Interest Turbo Bonds, due May 15, 2047, 'BBB';
$2,288,202 Series 2007 C Subordinate Turbo Capital Appreciation Bonds, due May 15, 2057, 'BBB-';
$2,187,675 Series 2007 D Subordinate Turbo Capital Appreciation Bonds, due May 15, 2057, 'BB';
$1,928,680 Series 2007 E Subordinate Turbo Capital Appreciation Bonds, due May 15, 2057, 'B'.
Silicon Valley Tobacco Securitization Authority
tobacco settlement asset-backed bonds, series 2007
(Santa Clara County, California): Series 2007 turbo capital appreciation term bonds
43,604,065.50 series 2007A, due June 1, 2036 'BBB';
$11,339,136.60 series 2007A, due June 1, 2041 'BBB';
$13,617,538.40 series 2007A, due June 1, 2047 'BBB';
$ 4,407,579.55 series 2007B, due June 1, 2047 'BBB-';
$20,160,692.00 series 2007C, due June 1, 2056 'BB';
$8,901,000.00 series 2007D, due June 1, 2056 'B';
Golden State Tobacco Securitization Corporation
tobacco settlement asset-backed bonds, series 2007
(California)
Series 2007A-1 senior current interest serial bonds:
$27,335,000 due June 1, 2008 'BBB';
$30,730,000 due June 1, 2009 'BBB';
$34,080,000 due June 1, 2010 'BBB';
$19,920,000 due June 1, 2011 'BBB';
$15,605,000 due June 1, 2011 'BBB';
$18,710,000 due June 1, 2012 'BBB';
$20,470,000 due June 1, 2012 'BBB;
$6,395,000 due June 1, 2013 'BBB';
$11,655,000 due June 1, 2013 'BBB';
$20,570,000 due June 1, 2014 'BBB';
$23,190,000 due June 1, 2015 'BBB';
$28,875,000 due June 1, 2016 'BBB';
$5,140,000 due June 1, 2017 'BBB';
$27,255,000 due June 1, 2017 'BBB';
Series 2007A-1 senior current interest turbo term bonds:
$863,100,000 due 2027 'BBB';
$610,525,000 due 2033 'BBB';
$1,250,000,000 due 2047 'BBB';
$693,575,000 due 2047 'BBB';
Series 2007A-2 senior convertible turbo term bonds:
$389,192,591.40 due June 1, 2037 'BBB'.
Chautauqua Tobacco Asset Securitization Corporation (New York), tobacco settlement revenue bonds, series 2000
$1,450,000 turbo term bonds due July 1, 2012 'BBB';
$1,100,000 turbo term bonds due July 1, 2016 'BBB';
$4,820,000 turbo term bonds due July 1, 2024 'BBB';
$22,160,000 turbo term bonds due July 1, 2040 'BBB';
New York Counties Tobacco Trust I (New York), tobacco settlement pass-through bonds, series 2000
$910,000 serial bonds due June 1, 2008 'BBB';
$1,020,000 serial bonds due June 1, 2009 'BBB';
$1,150,000 serial bonds due June 1, 2010 'BBB';
$1,310,000 serial bonds due June 1, 2011 'BBB';
$1,450,000 serial bonds due June 1, 2012 'BBB';
$1,720,000 serial bonds due June 1, 2013 'BBB';
$2,020,000 serial bonds due June 1, 2014 'BBB';
$2,200,000 serial bonds due June 1, 2015 'BBB';
$14,890,000 turbo term bonds due June 1, 2019 'BBB';
$2,370,000 flexible amortization term bonds due June 1, 2023 'BBB';
$39,710,000 flexible amortization term bonds due June 1, 2028 'BBB';
$60,450,000 flexible amortization term bonds due June 1, 2035 'BBB';
$71,840,000 flexible amortization term bonds due June 1, 2042 'BBB';
Niagara Tobacco Asset Securitization Corporation (New York), tobacco settlement asset-backed bonds, series 2000
$535,000 serial bonds due May 15, 2016 'BBB';
$65,000 serial bonds due May 15, 2016 'BBB';
$600,000 serial bonds due May 15, 2017 'BBB';
$70,000 serial bonds due May 15, 2017 'BBB';
$635,000 serial bonds due May 15, 2018 'BBB';
$530,000 serial bonds due May 15, 2018 'BBB';
$260,000 serial bonds due May 15, 2019 'BBB';
$820,000 serial bonds due May 15, 2019 'BBB';
$105,000 serial bonds due May 15, 2019 'BBB';
$780,000 serial bonds due May 15, 2020 'BBB';
$490,000 serial bonds due May 15, 2020 'BBB';
$485,000 serial bonds due May 15, 2021 'BBB';
$875,000 serial bonds due May 15, 2021 'BBB';
$210,000 serial bonds due May 15, 2022 'BBB';
$1,175,000 serial bonds due May 15, 2022 'BBB';
$11,995,000 turbo term bonds due May 15, 2029 'BBB';
$10,575,000 turbo term bonds due May 15, 2034 'BBB';
$14,945,000 turbo term bonds due May 15, 2040 'BBB';
Rensselaer Tobacco Asset Securitization Corporation (New York), tobacco settlement asset-backed bonds, series 2001
$160,000 serial bonds due June 1, 2008 'BBB';
$200,000 serial bonds due June 1, 2009 'BBB';
$215,000 serial bonds due June 1, 2010 'BBB';
$245,000 serial bonds due June 1, 2011 'BBB';
$270,000 serial bonds due June 1, 2012 'BBB';
$295,000 serial bonds due June 1, 2013 'BBB';
$310,000 serial bonds due June 1, 2014 'BBB';
$340,000 serial bonds due June 1, 2015 'BBB';
$385,000 serial bonds due June 1, 2016 'BBB';
$5,235,000 super sinker term bonds due June 1, 2025 'BBB';
$10,890,000 super sinker term bonds due June 1, 2035 'BBB';
$13,355,000 super sinker term bonds due June 1, 2043 'BBB';
Ulster Tobacco Asset Securitization Corporation (New York), tobacco settlement asset-backed bonds, series 2001
$11,765,000 current interest term bonds due June 1, 2030 'BBB';
$10,190,000 current interest term bonds due June 1, 2040 'BBB';
$4,610,000 convertible capital appreciation bonds due June 1, 2025 'BBB';
$4,765,000 convertible capital appreciation bonds due June 1, 2040 'BBB';
Badger Tobacco Asset Securitization Corporation (Wisconsin), series 2002
$31,220,000 serial bonds due June 1, 2008 'BBB';
$33,565,000 serial bonds due June 1, 2009 'BBB';
$32,770,000 serial bonds due June 1, 2011 'BBB';
$34,040,000 serial bonds due June 1, 2012 'BBB';
$209,260,000 fixed amortization bonds due June 1, 2017 'BBB';
$562,130,000 turbo term bonds due June 1, 2027 'BBB';
$100,000,000 turbo term bonds due June 1, 2028 'BBB';
$414,470,000 turbo term bonds due June 1, 2032 'BBB'.
The California County Tobacco Securitization Agency (Alameda County Tobacco Asset Securitization Corporation), series 2002
$2,985,000 serial bonds due June 1, 2008 'BBB';
$3,020,000 serial bonds due June 1, 2009 'BBB';
$3,070,000 serial bonds due June 1, 2010 'BBB';
$3,130,000 serial bonds due June 1, 2011 'BBB';
$2,905,000 serial bonds due June 1, 2012 'BBB';
$5,605,000 turbo term bonds due June 1, 2019 'BBB';
$51,485,000 turbo term bonds due June 1, 2029 'BBB';
$45,170,000 turbo term bonds due June 1, 2035 'BBB';
$76,250,000 turbo term bonds due June 1, 2042 'BBB'.
Alameda County Tobacco Asset Securitization Corporation, series 2006
$38,683,877.20 capital appreciation bonds 2006A due June 1, 2050 'BBB-'
$12,790,902.40 capital appreciation bonds 2006B due June 1, 2050 'BB'.
The California County Tobacco Securitization Agency (Fresno County Tobacco Funding Corporation), subordinate series 2006
$16,605,906.60 subordinate series 2006A turbo capital appreciation bonds due June 1, 2046 'BBB'
$2,889,808.80 subordinate series 2006B turbo capital appreciation bonds due June 1, 2046 'BBB-'
$9,756,936.00 subordinate series 2006C turbo capital appreciation bonds due June 1, 2055 'BB-'.
The California County Tobacco Securitization Agency (Kern County Tobacco Funding Corporation), series 2002
$40,960,000 turbo term bonds 2006A due June 1, 2043 'BBB';
$27,875,000 turbo term bonds 2006B due June 1, 2029 'BBB';
$29,010,000 turbo term bonds 2006B due June 1, 2037 'BBB';
$4,920,000 turbo term bonds 2006C due June 1, 2015 'BBB'.
California County Tobacco Securitization Agency (Los Angeles County Tobacco Securitization Corporation), series 2006
$60,279,685 convertible turbo bonds series 2006A due June 1, 2021 'BBB';
$46,370,435 convertible turbo bonds series 2006A due June 1, 2028 'BBB';
$62,196,244 convertible turbo bonds series 2006A due June 1, 2036 'BBB';
$53,157,077 convertible turbo bonds series 2006A due June 1, 2041 'BBB';
$72,159,811 convertible turbo bonds series 2006A due June 1, 2046 'BBB';
$13,586,212 turbo capital appreciation bonds series 2006B due June 1, 2046 'BBB-';
$12,077,640 turbo capital appreciation bonds series 2006C due June 1, 2046 'BB'.
California County Tobacco Securitization Agency (Merced County Tobacco Funding Corporation), series 2005
$2,200,000 series 2005B turbo term bonds due June 1, 2018 'BBB';
$6,515,000 series 2005A turbo term bonds due June 1, 2026 'BBB';
$15,160,000 series 2005A turbo term bonds due June 1, 2038 'BBB';
$15,815,000 series 2005A turbo term bonds due June 1, 2045 'BBB'.
California County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corporation), series 2002
$4,565,000 turbo term bonds due June 1, 2019 'BBB';
$24,490,000 turbo term bonds due June 1, 2033 'BBB';
$34,725,000 turbo term bonds due June 1, 2043 'BBB'.
California County Tobacco Securitization Agency (Stanislaus County Tobacco Funding Corporation), series 2006
$20,965,835 subordinate series 2006A due June 1, 2046 'BBB';
$2,827,546 subordinate series 2006B due June 1, 2046 'BBB-';
$9,446,325 subordinate series 2006C due June 1, 2055 'BB'.
California Statewide Financing Authority, series 2002
$905,000 series 2002A serial bonds due May 01, 2008 'BBB';
$860,000 series 2002A serial bonds due May 01, 2009 'BBB';
$820,000 series 2002A serial bonds due May 01, 2010 'BBB';
$785,000 series 2002A serial bonds due May 01, 2011 'BBB';
$1,040,000 series 2002A serial bonds due May 01, 2012 'BBB';
$1,020,000 series 2002A serial bonds due May 01, 2013 'BBB';
$955,000 series 2002A serial bonds due May 01, 2014 'BBB';
$935,000 series 2002A serial bonds due May 01, 2015 'BBB';
$930,000 series 2002A serial bonds due May 01, 2016 'BBB';
$930,000 series 2002A serial bonds due May 01, 2017 'BBB';
$28,045,000 series 2002A turbo term bonds due May 01 2029, 'BBB';
$27,540,000 series 2002A turbo term bonds due May 01 2037, 'BBB';
$33,095,000 series 2002A turbo term bonds due May 01, 2043 'BBB';
$895,000 series 2002B serial bonds due May 01, 2008 'BBB';
$850,000 series 2002B serial bonds due May 01, 2009 'BBB';
$810,000 series 2002B serial bonds due May 01, 2010 'BBB';
$775,000 series 2002B serial bonds due May 01, 2011 'BBB';
$1,030,000 series 2002B serial bonds due May 01, 2012 'BBB';
$1,010,000 series 2002B serial bonds due May 01, 2013 'BBB';
$945,000 series 2002B serial bonds due May 01, 2014 'BBB';
$925,000 series 2002B serial bonds due May 01, 2015 'BBB';
$920,000 series 2002B serial bonds due May 01, 2016 'BBB';
$920,000 series 2002B serial bonds due May 01, 2017 'BBB';
$27,765,000 series 2002B turbo term bonds due May 01, 2029 'BBB';
$27,265,000 series 2002B turbo term bonds due May 01, 2037 'BBB';
$32,765,000 series 2002B turbo term bonds due May 01, 2043 'BBB'.
California Statewide Financing Authority, Pooled Tobacco Securitization Program, series 2006
$29,064,420 series 2006A turbo capital appreciation bonds due June 01, 2046 'BBB';
$6,752,856 series 2006B turbo capital appreciation bonds due June 01, 2046 'BBB-';
$23,149,900 series 2006C turbo capital appreciation bonds due June 01, 2055 'BB'.
The Children's Trust Fund (Puerto Rico), series 2002
$11,460,000 serial bonds due May 15, 2008 'BBB';
$5,000,000 serial bonds due May 15, 2009-1 'BBB';
$6,975,000 serial bonds due May 15, 2009-2 'BBB';
$11,315,000 serial bonds due May 15, 2010 'BBB';
$4,000,000 serial bonds due May 15, 2011-1 'BBB';
$8,135,000 serial bonds due May 15, 2011-2 'BBB';
$13,805,000 serial bonds due May 15, 2012 'BBB';
$15,505,000 serial bonds due May 15, 2013 'BBB';
$17,265,000 serial bonds due May 15, 2014 'BBB';
$423,290,000 turbo term bonds due May 15, 2033 'BBB';
$310,380,000 turbo term bonds due May 15, 2039 'BBB';
$296,255,000 turbo term bonds due May 15, 2043 'BBB'.
The Children's Trust Fund (Puerto Rico), series 2005
$74,523,431 series 2005A capital appreciation bonds due May 15, 2050 'BBB-';
$33,686,016 series 2005B capital appreciation bonds due May 15, 2055 'BB'.
City of San Diego Tobacco Settlement Revenue Funding Corporation, series 2006
$105,400,000 series 2006 turbo term bonds due June 01, 2032 'BBB'.
District of Columbia Tobacco Settlement Financing Corporation, series 2001
$5,800,000 serial bonds due May 15, 2008 'BBB';
$6,285,000 serial bonds due May 15, 2009 'BBB';
$6,840,000 serial bonds due May 15, 2010 'BBB';
$7,140,000 serial bonds due May 15, 2011 'BBB';
$7,145,000 serial bonds due May 15, 2012 'BBB';
$8,030,000 serial bonds due May 15, 2013 'BBB';
$8,360,000 serial bonds due May 15, 2014 'BBB';
$114,855,000 turbo term bonds due May 15, 2024 'BBB';
$169,110,000 turbo term bonds due May 15, 2033 'BBB';
$187,540,000 turbo term bonds due May 15, 2040 'BBB'.
District of Columbia Tobacco Settlement Financing Corporation, series 2006
$145,481,196 series 2006A turbo capital appreciation bonds due June 15, 2046 'BBB';
$14,251,650 series 2006B turbo capital appreciation bonds due June 15, 2046 'BBB-';
$55,868,400 series 2006C turbo capital appreciation bonds due June 15, 2055 'BB'.
Erie Tobacco Asset Securitization Corporation (New York), series 2005:
$30,330,000 series 2005A current interest bonds due June 1, 2031 'BBB';
$74,685,000 series 2005A current interest bonds due June 1, 2038 'BBB';
$111,480,000 series 2005A current interest bonds due June 1, 2045 'BBB';
$9,163,000 series 2005B first subordinate capital appreciation bonds due June 1, 2047 'BBB-';
$12,565,080 series 2005C second subordinate capital appreciation bonds due June 1, 2050 'BB';
$69,470,000 series 2005E taxable capital appreciation bonds due June 1, 2028 'BBB'.
Nassau County Tobacco Settlement Corporation (New York), series 2006:
$42,645,000 series 2006A-1 taxable senior current interest bonds due June 1, 2021 'BBB';
$37,905,609 series 2006A-2 senior convertible bonds due June 1, 2026 'BBB';
$97,005,000 series 2006A-3 senior current interest bonds due June 1, 2035 'BBB';
$194,535,000 series 2006A-3 senior current interest bonds due June 1, 2046 'BBB';
$10,670,013 series 2006B first subordinate capital appreciation bonds due June 1, 2046 'BBB';
$9,867,332 series 2006C second subordinate capital appreciation bonds due June 1, 2046 'BBB-';
$37,604,290 series 2006D third subordinate capital appreciation bonds due June 1, 2060 'BB'.
Northern Tobacco Securitization Corporation (Alaska), series 2006:
$117,510,000 series 2006A senior current interest turbo term bonds due June 1, 2023 'BBB';
$70,105,000 series 2006A senior current interest turbo term bonds due June 1, 2032 'BBB';
$212,270,000 series 2006A senior current interest turbo term bonds due June 1, 2046 'BBB';
$8,668,052 series 2006B first subordinate turbo capital appreciation bonds due June 1, 2046 'BBB';
$3,434,807 series 2006C second subordinate turbo capital appreciation bonds due June 1, 2046 'BBB-'.
New York Counties Tobacco Trust II (New York), series 2001
$975,000 serial bonds due June 1, 2008 'BBB';
$1,210,000 serial bonds due June 1, 2009 'BBB';
$1,325,000 serial bonds due June 1, 2010 'BBB';
$1,495,000 serial bonds due June 1, 2011 'BBB';
$1,665,000 serial bonds due June 1, 2012 'BBB';
$1,825,000 serial bonds due June 1, 2013 'BBB';
$1,940,000 serial bonds due June 1, 2014 'BBB';
$2,120,000 serial bonds due June 1, 2015 'BBB';
$2,425,000 serial bonds due June 1, 2016 'BBB';
$32,955,000 super sinker term bonds due June 1, 2025 'BBB';
$68,005,000 super sinker term bonds due June 1, 2035 'BBB';
$82,795,000 super sinker term bonds due June 1, 2043 'BBB'.
New York Counties Tobacco Trust III (New York), Tobacco Settlement Pass-Through Bonds, series 2003:
$16,360,000 turbo term bonds due June 1, 2027 'BBB';
$15,175,000 turbo term bonds due June 1, 2033 'BBB';
$40,390,000 turbo term bonds due June 1, 2043 'BBB'.
New York Counties Tobacco Trust IV (New York), Tobacco Settlement Pass-Through Bonds, series 2005:
$6,710,000 series 2005A turbo term bonds due June 1, 2021 'BBB';
$4,520,000 series 2005A turbo term bonds due June 1, 2026 'BBB';
$16,585,000 series 2005A turbo term bonds due June 1, 2038 'BBB';
$84,975,000 series 2005A turbo term bonds due June 1, 2042 'BBB';
$83,875,000 series 2005A turbo term bonds due June 1, 2045 'BBB';
$52,450,000 series 2005B taxable turbo term bonds due June 1, 2027 'BBB';
$124,400,000 series 2005C taxable turbo term bonds due June 1, 2041 'BBB';
$10,277,849 series 2005D first subordinate turbo capital appreciation bonds due June 1, 2050 'BBB-';
$14,073,539 series 2005E second subordinate turbo Capital appreciation bonds due June 1, 2055 'BB';
$124,400,000 series 2010A turbo term bonds due June 1, 2041 'BBB'.
New York Counties Tobacco Trust V (New York), Tobacco Settlement Pass-Through Bonds, series 2005:
$50,605,433 series 2005 S1 turbo capital appreciation bonds due June 1, 2038 'BBB';
$43,529,858 series 2005 S2 turbo capital appreciation bonds due June 1, 2050 'BBB-';
$25,917,083 series 2005 S3 turbo capital appreciation bonds due June 1, 2055 'BB'.
Rockland Tobacco Asset Securitization Corporation (New York), series 2005:
$13,084,280 series 2005A first subordinate capital appreciation bonds due Aug. 1, 2045 'BBB-';
$2,860,940 series 2005B second subordinate capital appreciation bonds due Aug. 1, 2050 'BB'.
Tobacco Settlement Financing Corporation (Louisiana), series 2001:
$142,015,000 series 2001A taxable turbo term bonds due May 15, 2025 'BBB';
$230,390,000 series 2001B tax-exempt turbo term bonds due May 15, 2030 'BBB';
$689,405,000 series 2001B tax-exempt turbo term bonds due May 15, 2039 'BBB'.
Tobacco Settlement Financing Corporation (Rhode Island), series 2002:
$109,770,000 series 2002A tax-exempt turbo term bonds due June 1, 2023 'BBB';
$168,260,000 series 2002A tax-exempt turbo term bonds due June 1, 2032 'BBB';
$371,700,000 series 2002A tax-exempt turbo term bonds due June 1, 2042 'BBB';
$19,645,000 series 2002B taxable turbo term bonds due June 1, 2012 'BBB'.
Tobacco Settlement Revenue Management Authority (South Carolina), series 2001:
$62,370,000 series 2001A taxable turbo term bonds due May 15, 2016 'BBB';
$225,880,000 series 2001B tax-exempt turbo term bonds due May 15, 2022 'BBB';
$347,625,000 series 2001B tax-exempt turbo term bonds due May 15, 2028 'BBB';
$161,385,000 series 2001B tax-exempt turbo term bonds due May 15, 2030 'BBB'.
Tobacco Settlement Asset Securitization Corporation (TSASC) 1999 Indenture, (New York City), series 2006-1:
$284,070,000 turbo term bonds due June 1, 2022 'BBB';
$137,765,000 turbo term bonds due June 1, 2026 'BBB';
$372,650,000 turbo term bonds due June 1, 2034 'BBB';
$599,025,000 turbo term bonds due June 1, 2042 'BBB'.
Tobacco Settlement Financing Corporation (US Virgin Islands), series 2006:
$4,764,709 series 2006A subordinate turbo capital appreciation bonds due May 15, 2035, 'BBB';
$512,471 series 2006B subordinate turbo capital appreciation bonds due May 15, 2035, 'BBB-';
$867,690 series 2006C subordinate turbo capital appreciation bonds due May 15, 2035, 'BB'.
Westchester Tobacco Asset Securitization Corporation (New York), series 2005:
$27,500,000 turbo term bonds due June 1, 2021 'BBB';
$24,100,000 turbo term bonds due June 1, 2026 'BBB';
$81,200,000 turbo term bonds due June 1, 2038 'BBB';
$81,700,000 turbo term bonds due June 1, 2045 'BBB'.
Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site. Enditem
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