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87 Ratings Lowered On 22 Tobacco Settlement-Backed Trusts Lowered; 47 Ratings Affirmed On 11 Transactions Jan 12
Standard & Poors, Jan 2012
Abstract
OVERVIEW We lowered our ratings on 87 classes from 22 tobacco settlement-backed securitizations and removed 83 of the lowered ratings from CreditWatch negative. We affirmed our ratings on 47 classes from 11 transactions and removed three of the affirmed ratings from CreditWatch negative. The downgrades and affirmations followed revisions we made to the base- and stress-case assumptions in our cash flow stress scenarios for these deals. All of the transactions are securitizations backed by payments from participating tobacco manufacturers under the MSA. NEW YORK (Standard & Poor's) Jan. 27, 2012--Standard & Poor's Ratings Services today lowered its ratings on 87 classes from 22 tobacco settlement securitizations backed by payments from participating tobacco manufacturers under the Master Settlement Agreement (MSA). At...
Companies mentioned in this report are: Buckeye Tobacco Settlement Financing Authority,TSASC Inc.,Nassau County Tobacco Settlement Corp.,Westchester Tobacco Asset Securitization Corporation,Iowa Tobacco Settlement Auth,Rockland Tobacco Asset Securitization Corporation,California County Tobacco Securitization Agency (Sonoma County Securitization Corp),Tobacco Settlement Finance Authority,Michigan Tobacco Settlement Finance Authority,Erie 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
Action: Downgraded
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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