S&P Global Ratings assigned its 'AA+' long-term rating to the City and County of Honolulu's series 2024ABCD general obligation (GO) bonds, with a combined preliminary par amount of $170.2 million. 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 2024 GO bonds. Series 2024A and 2024B bond proceeds will finance various capital expenditures under the city's capital improvement plan. Series 2024C bonds are designated as Honolulu Rail Transit Project bonds, and their proceeds will support capital expenditures with the project. Series 2024C bond proceeds will constitute
