OREANDA-NEWS. Global Ratings today assigned its ratings to New York Counties Tobacco Trust VI's $211.365 million tobacco settlement asset-backed bonds series 2016 (see list).

The bond issuance is backed by each Tobacco Asset Securitization Corp.'s (TASC's) tobacco settlement revenues resulting from the master settlement agreement, a fully funded liquidity reserve account, and any interest income.

The ratings reflect our view of:The likelihood that timely interest and scheduled principal payments (including sinking fund installments) will be made at each bond's maturity. The credit quality of the two largest participating tobacco manufacturers: Altria Group Inc., parent of Philip Morris USA Inc. (Philip Morris), and Reynolds American Inc., parent of R. J. Reynolds Tobacco Co. (RJ Reynolds). The transaction's legal and payment structures. The approximately $19 million separately available in the fully funded liquidity reserve accounts of each TASC.