Though last week's Supreme Court tobacco ruling was a victory for the cigarette industry - where it was decided that the government does not have the authority to regulate tobacco as an addictive drug - experts say that the court order will have a limited effect on tobacco securitizations.

"The decision won't have any impact on the ratings of the three outstanding transactions - New York, Nassau and Westchester County," said Chris Howley, associate director at Standard & Poor's Ratings Service.

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