A similar question posed on the Waterford forums was answered by Dave Hellekson HERE.

"U.S. built Paramounts (Paramount Design Group) were built in the Waterford, WI plant from 1981 until 1994. Waterford Precision Cycles was formed by Marc Muller and Richard Schwinn after the 1992 bankruptcy of Schwinn Bicycle Co. Marc ran PDG and developed the OS lug design from the 1988 Paramounts and we continued to build Paramounts for two years. Marc carried over the OS concept to the Waterford models as well.

As for the difference between your 1995 1200 and, I guess, a 1994 Paramount - they will be quite similar in feel. The Schwinn's bottom bracket was slightly higher, the tubeset almost the same, the lugs belonged to Schwinn (we designed our own) and we use stainless dropouts. Schwinn did not. The Waterford is overall the better bike but, you are unlikely to have any sort of revelation with the minor differences at that time.

So, enjoy your 1200, it's a fantastic bike and the current version (2200) has significantly improved in the last 12 years. If you find an old Paramount for a great deal-they are nice bikes too."

Also, some of the last Waterford-built Paramounts (from summer, 1993) used the Reynolds 753 OS tube set as described HERE in the Paramount history section of the Waterford website.