Moody's: Despite Tobacco MSA Turbulence, Ratings Still Apply

Albanese, Elizabeth
June 2006
Bond Buyer;6/20/2006, Vol. 356 Issue 32406, p5
Trade Publication
The article reports that Moody's Investors Service Inc. has stated that changes in tobacco bond ratings would be permanently affected by reduced Master Settlement Agreement (MSA) payments by tobacco companies in Texas. Under the terms of the MSA, manufacturers that signed the 1998 agreement can reduce their annual payments if they lose more than two percent of the market share in any given year to non–participating manufacturers.


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