A March 13 settlement between 17 U.S. states, the District of Columbia, and Puerto Rico and several tobacco manufacturers should have a positive impact on cash flows for certain bonds backed by settlement payments, Fitch Rating said Friday.

The "stipulated partial settlement award", initially proposed between these parties in December 2012, relates to the non-participating manufacturer (NPM) adjustment provisions contained in the master settlement agreement (MSA) for 2003-2012.

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