S&P Global Ratings said it raised to AA-plus from AA its long-term rating and underlying rating (SPUR) on Hawaii's general obligation bonds and to AA from AA-minus its long-term rating on the state's certificates of participation.
At the same time, it assigned a AA-plus long-term rating to Hawaii's following planned bond issues: $375 million series 2016 FG GO bonds, $353 million series 2016 FH refunding GO bonds, $4 million series 2016 FI refunding GO bonds, and $25 million series 2016 FJ taxable GO bonds.
The outlook on all the state's debt ratings is stable.
"The upgrades reflect our view that Hawaii's fiscal position and outlook have continued to strengthen, aided by formalization of its reserve policy and demonstrated commitment to managing its long-term liabilities," said S&P Global Ratings credit analyst Gabriel Petek.
