Standard & Poor's Places Certain Municipal Tobacco Bonds on CreditWatch
Our October 31 entry here mentions that Standard & Poor's placed certain municipal tobacco bonds on CreditWatch negative. Here is a list of affected classes within certain deals in California, along with a Puerto Rico transaction. Just remember, not all maturities of certain deals are on CreditWatch. Also check the exact series that is under review. Our source for this list is Standard & Poor's.
California County Tobacco Securitization Agency (Fresno
County Tobacco Funding Corp.)
US$92.955 mil tobacco settlement asset backed bonds
series 2002
Sale amount
Rating
Class
Maturity (mil. $)
To
From
2035
06/01/35
35.27
BBB (sf)/ Watch Neg
BBB (sf)
2038
06/01/38
18.50
BBB (sf)/ Watch Neg
BBB (sf)
California County Tobacco Securitization Agency (Gold
Country Settlement Funding Corp.)
US$59.372 mil tobacco settlement asset backed bonds, gold county
settlement funding corp., series 2006
Sale amount
Rating
Class
Maturity (mil. $)
To
From
2006A
06/01/46 45.00
B- (sf)/ Watch Neg
B- (sf)
2006B
06/01/33 14.37
B- (sf)/ Watch Neg
B- (sf)
California County Tobacco Securitization Agency (Sonoma
County Securitization Corp.)
US$83.06 mil tobacco asset backed refunding bonds Sonoma county
securitization corp. series 2005
Sale amount
Rating
Class Maturity
(mil. $)
To
From
2005
06/01/26 9.92
BBB (sf)/ Watch Neg
BBB (sf)
2005
06/01/38 31.05
BBB (sf)/ Watch Neg
BBB (sf)
2005
06/01/45 27.26
BBB- (sf)/ Watch Neg
BBB- (sf)
California County Tobacco Securitization Agency (Kern
County Tobacco Funding Corp.)
US$105.245 mil tobacco settlement asset-backed bonds
Sale amount
Rating
Class
Maturity (mil. $)
To
From
2002A
06/01/43 40.96
BBB (sf)/ Watch Neg
BBB (sf)
2002B 06/01/29
27.88
BBB (sf)/ Watch Neg
BBB (sf)
2002B
06/01/37 29.01
BBB (sf)/ Watch Neg
BBB (sf)
Children's Trust (Puerto Rico)
US$1.171 bil tobacco settlement asset-backed bonds
series 2002
Sale amount
Rating
Class
Maturity (mil. $)
To
From
2039
05/15/39
310.38 BBB (sf)/
Watch Neg
BBB (sf)
2043
05/15/43
296.26 BBB (sf)/
Watch Neg
BBB (sf)
Golden State Tobacco Securitization Corp.
US$4.447 bil tobacco settlement asset backed bonds
series 2007
Sale amount
Rating
Class
Maturity (mil. $)
To
From
2007A-1 06/01/27
863.10 BBB- (sf)/
Watch Neg
BBB- (sf)
2007A-1 06/01/33
610.53 BB+ (sf)/
Watch Neg
BB+ (sf)
2007A-1 06/01/47
693.58 BB+ (sf)/
Watch Neg
BB+ (sf)
2007A-1 06/01/47
1250.00 BB+ (sf)/ Watch Neg
BB+ (sf)
2007A-2 06/01/37
389.19 BB+ (sf)/
Watch Neg
BB+ (sf)
2007-B
06/01/47 271.96
B (sf)/ Watch Neg
B (sf)
2007-C
06/01/47 78.55
B- (sf)/ Watch Neg
B- (sf)
Tobacco Securitization Authority of Southern California
US$583.631 mil tobacco asset backed bonds (San Diego County)
Series 2006
Sale amount
Rating
Class
Maturity (mil. $)
To
From
2006A
06/01/37 186.44
BBB (sf)/Watch Neg
BBB (sf)
2006A
06/01/46 236.31
BBB (sf)/Watch Neg
BBB (sf)
2006B
06/01/46 19.77
BB- (sf)/Watch Neg
BB- (sf)
2006C
06/01/46 8.69
B+ (sf)/Watch Neg
B+ (sf)
2006D
06/01/46 20.57
B- (sf)/Watch Neg
B- (sf)
Tobacco Securitization Corp. of Northern California
US$255.487 mil bonds series 2005A-1 series 2005A-2
series 2005B series 2005C (Sacramento County)
Sale amount
Rating
Class
Maturity (mil. $)
To
From
2005A-1 06/01/23
45.83
BBB (sf)/Watch Neg
BBB (sf)
2005A-1 06/01/38
87.29
BB (sf)/Watch Neg
BB (sf)
2005A-1 06/01/45
86.57
BB- (sf)/Watch Neg
BB- (sf)
2005A-2 06/01/27
12.47
BBB (sf)/Watch Neg
BBB (sf)
2005B
06/01/45 11.67
B (sf)/Watch Neg
B (sf)