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Moody’s drops Hawaiian Electric debt to Baa2
Moody's Investors Service said it downgraded Hawaiian Electric Co.’s (HECO)'s senior unsecured rating to Baa2 from Baa1.
Parent holding company Hawaiian Electric Industries, Inc.' (HEI)'s short-term rating for commercial paper was also downgraded to P-3 from P-2.
The outlooks were changed to stable from negative.
The ratings and outlook for HEI's bank subsidiary, American Savings Bank, FSB (a3 baseline credit assessment, Baa1 issuer rating, stable), were unaffected by this action.
"The ratings downgrade is prompted by our concern that HECO will continue to face significant challenges in transforming its generation base to 100% renewable sources in an unpredictable and highly political regulatory environment," Moody’s vice president, senior credit officer Toby Shea said in a news release.
"We believe that the regulatory environment could become contentious as this transformation is executed despite recently falling customer bills, driven by lower fuel oil prices, and the company's decision to moderate its still significant capital expenditure program."
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