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Standard & Poor's Ratings Services, <br />A Division of The McGraw-Hill Companies, Inc. <br />Public Finance Department <br />25 Broadway <br />New York, New York 10004-1064 <br /> <br />Hyman C. Grossman <br />Managing Director <br />Telephone 212/208-1752 <br /> <br />July 9, 1996 <br /> <br />Mr. Blair Bennett <br />Finance Director <br />Cabarrus County <br />Cabarms County Courthouse <br />Box 707 <br />Concord, NC 28025 <br /> <br />Re: $5,000,000 Cabarrus County, North Carolina, Series 1992 Water Bonds, dated: <br /> April 1, 1992, due: April 1, 2012 <br /> <br />Dear Mr. Bennett: <br /> <br />We have reviewed the latest financial report and other relevant data on the above debt. After <br />such review, we have changed the rating to 'A-+' from 'A'. The rating was changed <br />primarily because a manufacturing oriented economy demonstrating increased diversity and <br />depth; strong finances; and a relatively low debt burden with rapid amortization. <br /> <br />If you have any questions, please feel free to contact us. <br /> <br />ed <br />CC: <br /> <br />Mr. Robert M. High <br />Division Director <br />Local Governmem Commission <br />State of North Carolina <br />Albermarle Building <br />325 North Salisbury Street <br />Raleigh, NC 27603-1388 <br /> <br /> <br />