TITLE

The Third Leg Falls S&P, Following Suit, Lowers Tobacco Bonds

AUTHOR(S)
Briggs, Amanda
PUB. DATE
August 2003
SOURCE
Bond Buyer;8/29/2003, Vol. 345 Issue 31709, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Reports that the American investment rating agency, Standard & Poor's (S&R) lowered the ratings on almost all the tobacco revenue securitizations it rates by one point on August 28, 2003, bringing the majority of the bonds to the BBB level and maintaining a negative outlook on the deals. Number and value of the settlement securities affected by the downgrade; Reason cited by the agency for the downgrade; Expectations of S&R regarding continued deterioration of market conditions; Plans of California officials to structure and market tobacco settlement bonds; Ratings given by Moody's and other rating agencies.
ACCESSION #
10722873

 

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