Winston-Salem County is expected to price $110.9 million of water and sewer revenue bonds today with maturities ranging from three to 20 years.
The bonds are rated AAA by Standard and Poor’s, Aa2 by Moody’s Investors Service, and AA by Fitch Ratings. BB&T Capital Markets will be lead underwriter and Parker Poe Adams & Bernstein LLP will be bond counsel.
The utility system’s debt ratio is “above average” at 48.4%, Moody’s said, with a high variable-rate debt exposure at 34.5% of the overall debt portfolio. KBC Bank NV and Dexia Credit Local are providing standby purchase agreements for the variable-rate debt, which has been swapped to fixed rate, according to Moody’s.
