Fitch Rates Winston-Salem, North Carolina $87MM Water Sewer Revs & Rfdg Revs 'AA'.
Since Fitch's initial rating of the series 2005 bonds in December of last year, the system has decided to issue approximately $33.3 million to refund series 1998 bonds. The sale of the refunding portion of the series depends on market conditions. The net present cost savings is currently estimated at 2.4% of refunded par. Approximately $54 million of the proceeds will be used for capital projects.
For more information on the rating, please refer to Fitch's Dec. 22, 2004 press release ('Fitch Rates Winston-Salem, North Carolina $55MM Water & Sewer Revs 'AA'; Outlook to Positive'), which is available on the Fitch Ratings web site at 'www.fitchratings.com'.