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86 Ratings On 23 Tobacco Settlement-Backed Trusts Placed On CreditWatch Negative After Criteria Update Oct 11
Standard & Poors, Oct 2011
Abstract
OVERVIEW We placed our ratings on 86 classes from 23 securitizations backed by payments from participating tobacco manufacturers (PMs) under the Master Settlement Agreement on CreditWatch with negative implications. The CreditWatch placements follow Standard & Poor's revised assumptions as described in the criteria update, 'Revised Assumptions For U.S. Tobacco Settlement-Backed Transactions,' published Oct. 27, 2011, on RatingsDirect. We revised our assumptions on volume decline, the percentage of the disputed MSA payment amount withheld by the PMs, and the recovery amounts expected to be received from the PM's disputed payments account. NEW YORK (Standard & Poor's) Oct. 28, 2011--Standard & Poor's Ratings Services today placed its ratings on 86 classes from 23 securitizations backed by payments from participating tobacco manufacturers under...
Companies mentioned in this report are: Buckeye Tobacco Settlement Financing Authority,TSASC Inc.,Nassau County Tobacco Settlement Corp.,Westchester Tobacco Asset Securitization Corporation,Erie Tobacco Asset Securitization Corporation,Iowa Tobacco Settlement Auth,Rockland Tobacco Asset Securitization Corporation,California County Tobacco Securitization Agency( Kern County Tobacco Funding Corp),California County Tobacco Securitization Agency (Gold Country Settlement Funding Corp.),California County Tobacco Securitization Agency (Fresno County Tobacco Funding Corporation),Children's Trust,Tobacco Settlement Financing Corporation,Golden State Tobacco Securitization Corp,New York Counties Tobacco Trust IV,California County Tobacco Securitization Agency (Sonoma County Securitization Corp),Michigan Tobacco Settlement Finance Authority,Tobacco Settlement Finance Authority
Action: On CreditWatch:Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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