Tobacco Payments Dip as Smokers Quit

Seymour, Dan
July 2010
Bond Buyer;7/1/2010, Vol. 373 Issue 33343, p1
Trade Publication
The article reports on the decrease of payments made by cigarette manufactures as people smoke less, which is the lastest setback to tobacco bonds in the U.S. Aoto Kenmochi, analyst at Fitch Ratings Ltd., notes the tendency of the excise tax to have a negative impact on consumption. The cost of paying off the bonds at a rate lower than the anticipated Master Settlement Agreement (MSA) payments is set by the tobacco bond structures to assure a cushion in case settlements come in below anticipations.


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