Printer Friendly

Fitch Rates Winston-Salem, North Carolina $87MM Water Sewer Revs & Rfdg Revs 'AA'.

NEW YORK -- Fitch Ratings has assigned an 'AA' long-term rating to Winston Salem, North Carolina's approximately $87,280,000 water and sewer system revenue and revenue refunding bonds, 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 $55MM Water & Sewer Revs 'AA'; Outlook to Positive'), which is available on the Fitch Ratings web site at 'www.fitchratings.com'.
COPYRIGHT 2005 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Jan 11, 2005
Words:182
Previous Article:Nanobac Life Sciences Announces Publication of Results in the Journal of Urology Demonstrating Significant Improvement in Symptoms of Prostatitis...
Next Article:Britestream Networks Announces Enhanced Evaluation Kit; SSL Security NIC Platform Simplifies the Evaluation Process for Integration.


Related Articles
Rostenberg-Doern represents Pepsi.
Take Your Pick of Cities.
APPLICATIONS APPROVED UNDER BANK HOLDING COMPANY ACT: By the Secretary of the Board.
Fitch Rates Winston-Salem, North Carolina's $135.4MM Water Sewer Revs 'AA'.
Fitch Rates Winston-Salem, North Carolina VRBs 20002B & C 'AA/F1+'.
Fitch Places ACA Finl Gty on Rating Watch Negative - Affected Bonds List - 1 of 4.
Fitch Downgrades 263 ACA-Insured Issues -- 2 of 2 --.
Fitch Rates Winston-Salem, North Carolina $55MM Water & Sewer Revs 'AA'; Outlook to Positive.
Fitch Rates Winston-Salem, NC $40MM Wtr & Swr Revs 2007B 'AA/F1+'; Outlook on L-T to Stable.
Fitch Rates Winston-Salem, NC $59.920MM 2007A Water & Sewer Rev and Rfdg Bonds 'AA'.

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters