Market Concurs: N.Y. Deal Is State-Appropriation Debt

McDonald, Michael
June 2003
Bond Buyer;6/5/2003, Vol. 344 Issue 31650, p40
Trade Publication
This article presents the consensus of investors and other market participants contacted in the week of June 5, 2003 by 'The Bond Buyer' in an attempt to gauge the market's perspective on the upcoming 2.3 billion dollar, 20-year deal that New York's Tobacco Settlement Financing Corp. begins pricing on June 6. Unlike the 19 billion dollars of tobacco bonds states and localities have sold since the historic 1998 national tobacco settlement, New York has structured a sale that is secured by an appropriation from the state general fund if annual payments from tobacco companies are not sufficient to cover debt service. Standard & Poor's Corp. has rated the deal AA-minus and Fitch Ratings Inc. is also expected to rate the sale.


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