Golden State Tobacco Securitization Corp.#s $699.330 Million Bonds Series 2018A-1 Assigned Preliminary Ratings

Stocks and Financial Services Press Releases Friday June 15, 2018 09:18
NEW YORK--15 Jun--S&P Global Ratings

NEW YORK (S&P Global Ratings) June 14, 2018--S&P Global Ratings today assigned its preliminary ratings to Golden State Tobacco Securitization Corp.'s $699.330 million tobacco settlement bonds series 2018A-1 (see list).

The bond issuance is an asset-backed securities transaction backed by tobacco settlement revenues, resulting from master settlement agreement payments, a senior liquidity reserve account, and interest income.
The preliminary ratings are based on information as of June 14, 2018. Subsequent information may result in the assignment of final ratings that differ from the preliminary ratings.
The preliminary ratings reflect:
  • The likelihood that timely interest and scheduled principal payments will be made at each bond's maturity under the appropriate rating stress level.
  • The credit quality of the two largest participating tobacco manufacturers: Altria Group Inc., parent of Philip Morris USA Inc. (Philip Morris), and British American Tobacco PLC (BAT), parent of Reynolds American Inc.
  • The transaction's legal and payment structures.
  • The senior liquidity reserve account of $253 million, which will be fully funded at closing and only available to the senior bonds (2007A-1, 2007A-2, 2017A-1, and 2018A-1). The account will comprise $126.5 million in cash and short-term eligible investments and $126.5 million in a bank deposit account backed by a letter of credit.

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