A couple of new tobacco regulations – one on e-cigarettes and another on menthol cigarettes -- could impact consumption levels, the main driver of revenue for tobacco securitization bonds.

Cigarette consumption in the U.S. fell to 289 billion in 2012 from a peak of 640 billion in 1981, according to a Fitch Ratings report. Moody’s Investors Service projects a  decline rate that falls in the 3% to 4% range during 2014.  

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