A graded generalization of the Z(k) parafermionic current algebra is c
onstructed. This symmetry is realized in the osp(1\2)/U(1) coset confo
rmal field theory. The structure of the parafermionic highest-weight m
odules is analyzed and the dimensions of the fields of the theory are
determined. A free field realization of the graded parafermionic syste
m is obtained and the structure constants of the current algebra are f
ound. Although the theory is not unitary, it presents good reducibilit
y properties. (C) 1998 Elsevier Science B.V.