In what is turning into a subway series all its own, Nassau County, N.Y., was set to belt New York State's first tobacco-backed ABS into the crowd this week, but pulled from market at the last minute, giving way to the larger of the two issuers, New York City.

"We decided to stretch the schedule a little bit," said Herman Charbonneau at Roosevelt & Cross Inc., the firm advising the Nassau County Treasury Office. "[We wanted] to create more time for the marketing effort, and to get a solid handle on what all the rating agencies would have to say."

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