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Upcoming Honolulu bond issue rated 'AA+' by Fitch

By Star-Advertiser Staff

LAST UPDATED: 3:24 p.m. HST, Oct 17, 2012

Fitch Ratings has assigned an “AA+” rating to $890.4 million worth of general obligation bonds to be sold by the City and County of Honolulu next week.

The bonds will be offered to individual investors during a one-day retail order period on Wednesday. An order period for institutional investors will follow on Thursday.

The “AA+” rating is one notch below Fitch’s top rating of “AAA.”

Approximately $250 million the proceeds will be used to fund various capital projects, according to Fitch. The balance of proceeds will refund $50 million in outstanding commercial paper and all or a portion of several outstanding general obligation bonds.

Several series of bonds will be issued in the sale, all of which will be exempt from Hawaii income taxes. Some of the series, however, will be subject to federal taxation, according to a news release from the city and county.

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