Fitch Rts Tobacco Settlement Fin Corp (New Jersey) $3.355B Refunded Bds '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 Fitch Ratings An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. assigns an 'AAApre' rating to the Tobacco Settlement Financing Corporation Financing Corporation (FICO) A government agency chartered in 1987 to bail out the Federal Savings and Loan Insurance Corporation (FSLIC) by issuing bonds. tobacco settlement asset-backed bonds $1,736,750,000 series 2002 and $1,618,575,000 series 2003. The bonds are scheduled to be refunded today, Jan. 29, 2007, with proceeds of the corporation's tobacco settlement asset-backed bonds, series 2007-1 and amounts held in accounts previously securing the refunded bonds. The Escrow Agent escrow agent n. a person or entity holding documents and funds in a transfer of real property, acting for both parties pursuant to instructions. Typically the agent is a person (commonly an attorney), escrow company or title company, depending on local practice. (See: escrow) , U.S. Bank, National Association, holds two separate irrevocable escrow trust funds, each pledged irrevocably to the payment of principal, interest and redemption price Redemption price See: Call price redemption price 1. The price at which an open-end investment company will buy back its shares from the owners. In most cases, the redemption price is the net asset value per share. 2. of the relevant series of refunded bonds. The 'AAApre' rating reflects these pledges and that all funds have been invested in direct non-callable obligations of the United States. Prior to purchase of any future substitute or reinvestment securities, rating confirmation by Fitch is required. Refunded series 2002 bonds will be redeemed on June 1, 2012 at par, subject to earlier turbo redemption of the term bonds maturing June 1, 2032. Refunded series 2003 bonds will be redeemed on June 1, 2013 at par, subject to earlier turbo redemptions of the term bonds maturing June 1, 2019, 2024 and 2032. The Arbitrage Group, Inc. verified the mathematical accuracy of computations of the sufficiency of receipts from investments and cash deposited into the escrow trust funds to pay principal and interest on the refunded bonds. These computations were contained in schedules prepared by Bear Stearns & Co., Inc., underwriter for the refunding bonds. In the opinion of the Arbitrage Group, receipts from escrowed funds and securities will be sufficient to pay principal and interest to and at early redemption. 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. |
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