STATE HARBORS REVENUE BONDS AFFIRMED AT ‘AA-ʼ BY FITCH RATINGS
STATE HARBORS REVENUE BONDS AFFIRMED AT ‘AA-ʼ BY FITCH RATINGS
HONOLULU – The Hawaii Department of Transportation (HDOT) Harbors Division announces that Fitch Ratings has affirmed its rating for HDOT’s harbor system revenue bond series 2020A, 2020B and 2020C at ‘AA-ʼ with a Stable outlook. Fitch’s announcement of the affirmation and reasoning for the rating can be found on the Fitch Ratings website (link).
“The $266.55 million raised through the 2020 harbor revenue bond offering funds our continuing Harbor Modernization,” said Hawaii Department of Transportation Director Jade Butay. “We’re pleased with the affirmation of our bond rating for the outstanding and remaining $253.9 million of the 2020 bonds by Fitch Ratings and will continue to operate our commercial harbors responsibly.”
The HDOT Harbors Division is self-sufficient and generates revenue from harbor user fees and charges to pay for operating and maintenance costs, as well as to fund capital improvement projects. Good credit ratings extend the division’s buying power and could result in lower interest rates for future bond issuances.
HDOT is constructing Phase 2 of the Kapalama Container Terminal, designed to serve Hawaii communities more efficiently by increasing cargo capacity at Honolulu Harbor by 40-percent. The $352.5 million project is on schedule for completion in Spring 2024.
