Governor David Ige announced Thursday that the state had sold a record $ 1.88 billion in general bonds.
The money from the sale will be used to finance new and existing projects.
“This bond sale will provide continued funding for critical state construction projects including schools, highways, airports and ports,” Ige said in a statement. “These investments are improving services for the people of Hawaii, creating jobs that strengthen our communities, and help the state’s economic recovery as we look beyond the pandemic.”
Before the bond was sold, Ige and the government finance team met with the three main rating agencies: Fitch, Moody’s and Standard & Poor’s. Following the presentation, Moody’s confirmed the state’s Aa2 rating and revised the outlook from the state to positive, reflecting “a significant turnaround in the state’s economic and financial situation,” according to Moody’s report.
S&P confirmed the AA + rating and revised the outlook to stable, saying that “the revised outlook reflects our view that despite the country’s most stringent pandemic response measures and the continued controlled reopening of its economy, the Hawaii’s economic momentum has shifted up enough to provide more manageable operations. environment.”
Fitch also confirmed his AA rating with a stable outlook for the state.
The state’s extensive marketing efforts included live presentations to investors via video conference.
In addition, the prepayment that refinances part of the government’s existing debt will generate $ 76.8 million in present value savings.