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. The bonds are limited special obligations payable solely from and secured solely by a net revenue pledge under the department's first bond resolution. The rate covenant is 1.20x, which we consider consistent with the sector's legal provisions. There is a parallel additional bonds test. The department has $2.2 billion in senior-lien bonds outstanding, $201 million of junior-lien bonds outstanding, and $363 million of state revolving fund loans. We rate the two
