CHICAGO — The recent arbitration rulings over disputed tobacco industry settlement payments to the states offer good news for tobacco securitization ratings, but future arbitration proceedings still pose a risk, Moody's Investors Service said in a new report.

The report is the rating agency's first formal comment on arbitration results announced Sept. 11 over disputed payments tobacco manufacturers owed to the states participating in the 1998 Master Settlement Agreement in 2003.

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