Here's a post-crisis first: a tobacco settlement securitization that is backed by fees paid to law firms, rather than states that were parties to the 1998 Master Settlement Agreement with Big Tobacco.

Moody's Investors Service assigned a provisional rating of ‘A2’ to the class A notes to be issued by Tobacco Settlement Fee Finance 2013-1. They have a weighted average life of 5.77 years, and were priced today at par to yield 4%, according to a person familiar with the transaction. 

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