Business

County of Hawai’i’s Strong Bond Rating Affirmed

January 24, 2013, 4:36 PM HST
* Updated January 24, 5:38 PM
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Fitch Ratings on Wednesday affirmed the County of Hawai’i’s strong bond rating, citing the county’s sound financial management and conservative budgeting as grounds to maintain the county’s “AA-” classification.

Moody’s Investors Service and Standard & Poor’s Rating Services also affirmed the County’s ratings.

“This rating review by nationally recognized experts is a testament to our careful, conservative approach to balancing the budget in very challenging economic times,” said mayor Billy Kenoi.

“This demonstrates that we have taken a responsible approach to cutting costs and controlling spending, and I am very pleased that these agencies recognize the hard work by all of our employees.

“I want to thank all those who worked so hard to keep our county on sound financial footing.”

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The ratings reviews were prompted by county plans to issue $97.52 million in bonds on Jan. 29, including $47.52 million that will be used to refinance existing debt to take advantage of today’s exceptionally low interest rates.

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