NEW YORK--(BUSINESS WIRE)--Fitch Ratings has revised the 2014 U.S. Tobacco portfolio review spreadsheet originally published on Aug. 8, 2014. The revision was required to correct inaccurate descriptions of the prior Rating Watch/Outlook status of two series of bonds issued by the California County Tobacco Securitization Agency (Los Angeles County), Series 2006.
Specifically, the descriptions of the prior Rating Watch/Outlook status of the issuer's series 2006 convertible turbo bonds, due June 1, 2041 and series 2006 convertible turbo bonds, due June 1, 2046 (collectively, the bonds) were corrected to Rating Watch Negative rather than Rating Outlook Negative.
This correction only affects the description of the prior Rating Watch/Outlook status for the bonds contained in the spreadsheet. The ratings history of the bonds remains accurate on Fitch's website.
On April 11, 2014, Fitch Ratings placed the bonds on Rating Watch Negative. Rating Watch Negative was the bonds' correct prior Rating Watch/Outlook status as at Aug. 8, 2014 rather than Rating Outlook Negative as stated in the spreadsheet published on that date. The bonds were downgraded on Aug. 8, 2014 and were removed from Rating Watch Negative, with the Outlooks revised to Negative at that time.
See the revised web file titled 'Fitch Completes U.S. Tobacco Portfolio Review' for the updated prior Rating Watch/Outlook.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'U.S. Tobacco Settlement ABS Criteria' (July 2014);
--'Global Structured Finance Rating Criteria' (May 2014).
Applicable Criteria and Related Research: Fitch Completes U.S. Tobacco Portfolio Review -- Amended
U.S. Tobacco Settlement ABS Criteria
Global Structured Finance Rating Criteria