Fitch rates Minnesota Tobacco Settlement Revenue Bonds, series 2011 A and B, issued by Tobacco Securitization Authority

NEW YORK , November 29, 2011 (press release) – Fitch rates Minnesota Tobacco Settlement Revenue Bonds, series 2011 A and B, issued by Tobacco Securitization Authority, as follows:

--$36,900,000 series 2011A serial bond due March 1, 2014, 'BBB+sf'; Outlook Stable;

--$37,785,000 series 2011A serial bond due March 1, 2015, 'BBB+sf'; Outlook Stable;

--$25,255,000 series 2011B serial bond due March 1, 2016, 'BBB+sf'; Outlook Stable;

--$5,000,000 series 2011B serial bond due March 1, 2016, 'BBB+sf'; Outlook Stable;

--$28,190,000 series 2011B serial bond due March 1, 2017, 'BBB+sf'; Outlook Stable;

--$3,500,000 series 2011B serial bond due March 1, 2017, 'BBB+sf'; Outlook Stable;

--$32,410,000 series 2011B serial bond due March 1, 2018, 'BBB+sf'; Outlook Stable;

--$30,015,000 series 2011B serial bond due March 1, 2019, 'BBB+sf'; Outlook Stable;

--$2,925,000 series 2011B serial bond due March 1, 2019, 'BBB+sf'; Outlook Stable;

--$34,300,000 series 2011B serial bond due March 1, 2020, 'BBB+sf'; Outlook Stable;

--$32,610,000 series 2011B serial bond due March 1, 2021, 'BBB+sf'; Outlook Stable;

--$3,175,000 series 2011B serial bond due March 1, 2021, 'BBB+sf'; Outlook Stable;

--$37,480,000 series 2011B serial bond due March 1, 2022, 'BBB+sf'; Outlook Stable;

--$38,550,000 series 2011B serial bond due March 1, 2023, 'BBB+sf'; Outlook Stable;

--$40,720,000 series 2011B serial bond due March 1, 2024, 'BBB+sf'; Outlook Stable;

--$43,165,000 series 2011B serial bond due March 1, 2025, 'BBB+sf'; Outlook Stable;

--$39,640,000 series 2011B serial bond due March 1, 2026, 'BBB+sf'; Outlook Stable;

--$6,075,000 series 2011B serial bond due March 1, 2026, 'BBB+sf'; Outlook Stable;

--$279,260,000 term bond due March 1, 2031, 'BBB+sf'; Outlook Stable.

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Additional information is available at www.fitchratings.com . The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 4, 2011).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

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