...August 23, 2024 SAN FRANCISCO (S&P Global Ratings) Aug. 23, 2024--S&P Global Ratings assigned its '##+' long-term rating to the Honolulu City and County (the department), Hawaii's approximately $632 million series 2024A&B and series 2025A&B senior and junior wastewater system revenue bonds. S&P Global Ratings also affirmed its '##+' rating on the department's outstanding junior and senior wastewater system revenue bonds. The outlook is stable. "The rating reflects our view of the department's extremely strong liquidity, broad and diverse service area, and experienced management team," said S&P Global Ratings credit analyst Jenny Poree. "The rating also reflects our view of the department's substantial capital needs, a large portion of which are mandated under a consent decree that extends through 2035," Ms. Poree added. The department has $2.2 billion in senior lien bonds outstanding and $201 million of junior lien bonds outstanding. We rate the two liens on parity, given their similarities...
