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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 ''.
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Publication:Business Wire
Date:Jan 11, 2005
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