Fitch Rates $428.8MM Tobacco Sec Auth of Southern CA Tobacco Settlement Bds Ser 2001A & B 'AAApre'.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings assigns a rating of 'AAApre' to the Tobacco Securitization Authority of Southern California tobacco settlement asset-backed bonds (San Diego County Tobacco Asset Securitization Corporation), consisting of $360,065,000 series 2001A (Senior) and $68,735,000 series 2001B (Subordinated). The bonds were refunded with a portion of the proceeds of the authority's tobacco settlement asset-backed bonds (San Diego County Tobacco Asset Securitization Corporation), series 2006A, B, C and D and funds transferred from the refunded bonds' debt service and debt service reserve accounts. The series 2001A serial bonds maturing June 1, 2006-2011 are escrowed to maturity Escrowed To Maturity The condition of a bond that has been repaid in advance by means of an escrow account, which holds the funds needed to pay the periodic coupon payments and the principal. . A portion ($2,780,000) of the June 1, 2027 series 2001A bonds will be subject to turbo redemption on June 1, 2006. All other refunded bonds will be redeemed on June 1, 2012 at par. The Trustee, The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. Trust Company, will hold funds and securities in a separate irrevocable trust fund for the purpose of paying interest and principal on the refunded bonds. The 'AAApre' rating reflects this structure and the investment of all funds in direct obligations of the United States. Future substitute investments are limited to non-callable obligations issued or guaranteed by the United States and non-callable interest components of REFCORP See Resolution Funding Corporation. REFCORP See Resolution Funding Corporation (REFCORP). bonds. Grant Thornton LLP  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . verified the mathematical accuracy of debt service computations on the refunded bonds and income from the escrowed funds and securities, contained in schedules provided to them by Bear Stearns & Co., Inc., underwriter for the refunding bonds. In the opinion of Grant Thornton, the anticipated receipts from cash and securities deposited in the escrow fund will be sufficient for the timely payment of the principal and interest on the refunded bonds up to and including the redemption date. Fitch's rating definitions and the terms of use Terms of Use are rules set up by the owner of an intellectual property or service to govern how they may be legally used. In many cases, terms of service are used as a contractual agreement between a company and users of a service they provide. of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental are also available from the 'Code of Conduct' section of this site. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion