Research Update: City And County Of Honolulu, HI Series 2025 GO Bonds Assigned 'AA+' Rating; Outlook Stable

S&P Global Ratings assigned its 'AA+' long-term rating to the City and County of Honolulu , Hawaii's series 2025 general obligation (GO) bonds, with preliminary par amounts of $75.4 million (series A), $18.4 million (series B), $9.4 million (series C), $269.3 million (series D), $118.5 million (series E), $159.9 million (Series F), and $37.9 million (series G). At the same time, we affirmed our 'AA+' long-term rating on Honolulu's previously issued GO debt. The outlook is stable. Honolulu's full faith and credit, including its ability to levy ad valorem property taxes without limitation as to rate or amount, secures the 2025 GO bonds. Series 2025A and 2025B bond proceeds will finance various capital expenditures under the city's capital improvement plan.

...Honolulu's full faith and credit, including its ability to levy ad valorem property taxes without limitation as to rate or amount, secures the 2025 GO bonds. Series 2025A and 2025B bond proceeds will finance various capital expenditures under the city's capital improvement plan. Series 2025C bonds are designated as Honolulu Rail Transit Project bonds, and their proceeds will support capital expenditures with the project. Series 2025C bond proceeds will constitute the city's non-reimbursable contribution to project costs. Series 2025DEF&G bond proceeds will be used to refund various series of previously issued debt for cost savings....

Research Update