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The first senior/subordinate tobacco settlement securitization priced last Wednesday, when Erie County, N.Y. issued $236.7 million in bonds. Fitch rated the $192.5 million senior tranche A-plus, while the subordinate class was rated triple-B-plus. The deal was managed by Bear, Stearns & Co.

J. Keith Fell has joined Dresdner Kleinwort...

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