HONOLULU — The state closed Wednesday on the sale of $800 million in general obligation bonds, the proceeds of which will go toward new and existing infrastructure projects.
What You Need To Know
Prior to the sale, Ige and senior state administrators met with analysts from Moody’s Investors Service and S&P Global Ratings to review the state’s credit quality
Moody’s Investors Service gave the state a bond rating of Aa2 with a stable outlook; S&P Global Ratings issued a bond rating of AA+, also with a stable outlook
Both agencies cited Hawaii’s robust economic performance coming out of the COVID-19 pandemic, healthy financial position and long track record of careful fiscal management
Morgan Stanley served as the lead managing underwriter for the bond sale, with BofA Securities and Citigroup as co-senior managers, and Jefferies and RBC as co-manager
“We are very pleased with the results of the bond sale,” said Gov. David Ige. “Despite challenging conditions in the broader bond markets this year, Hawaii was able to generate strong demand for its bonds. This demonstrates the market’s continued confidence in the state’s ability to prudently manage its long-term financial responsibilities.”
