Research Update: Honolulu City and County Series 2026A-G GO Bonds Rated 'AA+'; Outlook Stable

S&P Global Ratings assigned its 'AA+' long-term rating to the City and County of Honolulu , Hawaii's series 2026A-G general obligation (GO) bonds, with preliminary par amounts of $89.1 million (series A), $18.6 million (series B), $9.4 million (series C), $1.4 million (series D), $2.0 million (series E), $61.4 million (Series F), and $14.1 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 pledge, including the city?s ability to levy ad valorem property taxes without limitation as to rate or amount, secures the 2026 GO bonds. Series 2026A and 2026B bond proceeds will finance various capital expenditures under the city's capital

...Honolulu's full faith and credit pledge, including the city's ability to levy ad valorem property taxes without limitation as to rate or amount, secures the 2026 GO bonds. Series 2026A and 2026B bond proceeds will finance various capital expenditures under the city's capital improvement plan (CIP); the 2026B bonds will specifically be used to fund equipment purchases. Series 2026C bonds are designated as Honolulu Rail Transit Project bonds, and their proceeds will support capital expenditures associated with the project. Series 2026C bond proceeds will constitute Honolulu's non-reimbursable contribution to project costs. And series 2026D through G bond proceeds will be used to refund various serial maturities of previously issued debt for cost savings....

Research Update