...July 28, 2023 SAO PAULO (S&P Global Ratings) July 28, 2023--S&P Global Ratings assigned its '##+' long-term rating to the City and County of Honolulu's series 2023ABCD general obligation bonds, with a combined preliminary par amount of $257.1 million. The outlook is stable. "The rating reflects our view of Honolulu's robust local economy that continues to recover from the effects of the pandemic, its strong and stable financial position, supportive financial management conditions, and elevated debt and retirement liabilities," said S&P Global Ratings credit analyst Randy Layman. Series 2023A and 2023B proceeds will finance various capital expenditures under the city's capital improvement plan. Series 2023C and 2023D bonds are designated as Honolulu Rail Transit Project bonds, and their proceeds will support capital expenditures and refinance commercial paper associated with the project. Series 2023C bond proceeds will constitute the city's annual, non-reimbursable contribution to project...
