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Moody’s cuts Bank of Hawaii
Moody’s Investors Service said it lowered its ratings for Bank of Hawaii Corp., including the (P) Baa1 rating on its medium-term note program and Baa3(hyb) rating on its preferred stock.
The downgrade reflects the corporation’s heavy reliance on available-for-sale securities and held-to-maturity securities portfolios, substantial exposure to fixed-rate assets in its loan portfolio, and a weakening but healthy capital position, the agency said.
“The downgrade also reflects the moderately negative impact that governance risks have on Bank of Hawaii's risk profile,” Moody’s said in a press release.
The outlook remains stable.
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