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October 3, 2003 WaterOne Bonds Upgraded On October 1, 2003, in conjunction with the rating of WaterOne’s upcoming 2003 Bonds, Moody’s Investors Service upgraded WaterOne’s senior parity bonds to their highest quality rating of “Aaa”. Standard and Poor’s Corporation has also affirmed their highest rating of “AAA” on the the bonds. WaterOne is now one of only three municipal water utilities in the country holding this “AAA/Aaa” natural rating (unenhanced by insurance) for revenue bonds. On October 7, 2003 WaterOne will hold a
competitive public sale for $29,590,000 of bonds. The 2003 Bonds will
refund WaterOne’s outstanding 1993 Bonds. WaterOne pays lower interest
rates on its bonds because of the exceptionally high bond ratings, which
results in savings to their ratepayers. In the case of the 2003 Bonds,
WaterOne estimates a savings for the refunding of approximately $2.9
million over the 12 year life of the bonds. |