Fitch views Hawaiian Electric positively

Fitch Ratings said it revised the outlook for Hawaiian Electric Industries, Inc. (HEI) and Hawaiian Electric Co., Inc. (HECO) to positive from stable.

HEI's and HECO's outlook reflect the “expectation that both entities should be able to keep very strong credit metrics for their rating category due to more predictability provided by the new regulatory construct implemented a year ago. In addition, both HEI and HECO have maintained strong credit metrics for their rating in both 2020 and 2021 despite pandemic-related economic impact on Hawaii,” Fitch said in a press release.

The agency said it aims to resolve the outlook within a 12-18 month timeframe as HECO goes through a year of new rates, which should deliver an improvement in return on equity.

Concurrently, Fitch said it affirmed HEI’s issuer rating at BBB and HECO’s issuer rating at BBB+.

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