Fitch Rates Winston-Salem, North Carolina $87MM Water Sewer Revs & Rfdg Revs 'AA'.NEW YORK New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Fitch Ratings Fitch Ratings
An international rating agency for financial institutions, insurance companies, and corporate, sovereign, and municipal debt. Fitch Ratings has headquarters in New York and London and is wholly owned by FIMALAC of Paris. has assigned an 'AA' long-term rating to Winston Salem, North Carolina's approximately $87,280,000 water and sewer system Noun 1. sewer system - facility consisting of a system of sewers for carrying off liquid and solid sewage
sewage system, sewage works
facility, installation - a building or place that provides a particular service or is used for a particular industry; "the revenue and revenue refunding bonds refunding bond
A bond that is issued for the purpose of retiring an outstanding bond. Issuers refund bond issues to reduce financing costs, eliminate covenants, and alter maturities. See also crossover refunding bonds, prerefunding. , series 2005. The bonds will be sold on or about Jan. 20 through negotiation with a syndicate led by Citigroup and mature June 1, 2005-2033. Fitch also affirms the 'AA' rating on approximately $233.9 million in outstanding parity bonds. The Rating Outlook is Positive.
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 Winston-Salem is a city in the U.S. state of North Carolina. As of the 2000 census, the city population was 185,776; in 2004 the city annexed an additional 17,483 raising the population to 203,259. $55MM Water & Sewer Revs 'AA'; Outlook to Positive'), which is available on the Fitch Ratings web site at 'www.fitchratings.com'.