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Summary: New York State Tobacco Settlement Financing Corp.; Appropriations Jun 11 Product Image

Summary: New York State Tobacco Settlement Financing Corp.; Appropriations Jun 11

  • Published: June 2011
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services assigned its 'AA-' long-term rating, and stable outlook, to New York State Tobacco Settlement Financing Corp.'s series 2011A and 2011B asset-backed revenue bonds (state contingency contract secured). At the same time, Standard & Poor's affirmed its 'AA-' rating on the bonds outstanding on parity with the series A or B bonds, reflecting the appropriation obligation of New York State. Although the bonds are structured to be self-supporting from tobacco settlement revenues, there is no reflection of the tobacco security or its risks in the rating. The rating reflects what we view as the state's: Long history of appropriating for obligations; Solid timing and notification mechanisms; and 'AA' general obligation (GO) underlying rating. Securing the bonds...

Companies mentioned in this report are: New York State,New York State Tobacco Settlement Fincg Corp
Action: Affirmed
Action: New Rating
Action: Outlook: Stable

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New York State,New York State Tobacco Settlement Fincg Corp

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