Moody’s views Hawaiian Electric stably

Moody’s Investors Service said it concluded its review of Hawaiian Electric Industries, Inc. (HEI) and its subsidiary Hawaiian Electric Co., Inc., confirmed their ratings including the Ba3 senior unsecured rating and revised the outlook to stable. The agency started reviewing the companies on Aug. 18.

"The pressure on Hawaiian Electric's credit profile has been alleviated as a result of several positive developments since the August wildfires, including proactive efforts by the state of Hawaii to develop a plan to address the financial and legal issues raised by the fires," said Toby Shea, a Moody’s vice president and senior credit officer, in a press release.

The initiative announced by Hawaii’s Governor Josh Green is an effort by the state, Hawaiian Electric, Maui County and others to financially help those hurt by the wildfires. Contributions from the private sector and government entities will offer an alternative to lengthy and costly litigation that could take years to resolve, the agency explained.

The first phase of the program is expected to provide at least $162.5 million in funding.

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