S&P Global Ratings assigned its 'AA+' long-term rating to Honolulu City and County (the department), Hawaii's approximately $221 million series 2025 senior-lien wastewater system revenue bonds. S&P Global Ratings also affirmed its 'AA+' rating on the department's outstanding junior and senior wastewater system revenue bonds. The outlook is stable. SAN FRANCISCO (S&P Global Ratings) Aug. 22, 2025--S&P Global Ratings today took the rating actions listed above. Environmental factors are a moderately negative consideration in our rating analysis for Honolulu. The island of Oahu is exposed to acute and chronic physical climate risks, including sea-level rise and severe storms, that could lead to future vulnerabilities. In addition, the department has a complex capital plan toward meeting its consent decree requirements and
