S&P Global Ratings affirmed its 'AA+' long-term rating on the State of Hawaii's general obligation (GO) debt outstanding, based on the application of its "Methodology For Rating U.S. Governments," published Sept. 9, 2024. The outlook is stable. Hawaii's GO debt is secured by the state's full faith and credit and taxing power. The long-term rating incorporates our view of Hawaii's proactive financial management and oversight, including a demonstrated commitment to expenditure adjustments to close budgetary gaps and the state's use of comprehensive long-term forecasting to align finances with evolving economic conditions and manage elevated long-term liabilities. Although the state's leisure and hospitality sector has faced disruptions since 2020--including those caused by wildfires in 2023--Hawaii has had a steady flow of
