Fitch affirms Hawaiian Electric

Fitch Ratings said it affirmed the issuer default rating for Hawaiian Electric Industries, Inc. at BBB and the issuer default rating of Hawaiian Electric Co. at BBB+ with a stable outlook.

“The affirmation of HEI reflects the stable operating performance of its electric and banking subsidiaries over the forecast period as well as modest incremental holding company leverage,” the agency said in a news release.

“HECO is the core subsidiary, providing about 65%-75% of net income with the balance coming from upstream dividends from ASB. The ratings affirmation for HECO is supported by the balanced regulatory environment in Hawaii that provides relatively stable cash flows and earnings.”

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