S&P Global Ratings raised its long-term rating to on the Hawaii State Department of Budget and Finance's series 2020 special-purpose revenue bonds, issued for the Mid-Pacific Institute (MPI), ‘A-’ from ‘BBB+’. The outlook is stable. The rating action reflects our view of MPI’s strengthened financial profile, with a trend of solid operating margins, growing financial resources, and manageable debt burden, which supports a higher rating. As of July 31, 2025, MPI had approximately $8.6 million in long-term debt outstanding, consisting of the series 2020 revenue bonds. The school previously had just under $500,000 in capital leases, which expired in May 2025. The bonds are general obligations of the school. Bond covenants include at least 1.1x coverage of maximum annual
