S&P Global Ratings assigned its 'AA+' long-term rating to the Honolulu City and County (the department), Hawaii's approximately $183.7 million series 2023 senior wastewater system revenue bonds green 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 $1.9 billion in senior lien bonds outstanding. The series 2023 bonds are self-designated "green bonds", based on the department's intent to use them for additions and improvements to the wastewater system. The designation reflecting the use of the proceeds is
