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New York-based Fitch Ratings has withdrawn its ratings on eight types of State of Hawaii General Obligation Bonds due to pre-refunding activity, the firm announced this morning.
Prerefunding occurs when an entity plans to redeem a callable bond before its maturity date, or when the entity issues a second bond with a lower interest rate in order to pay off a previously issued callable bond.
The affected bonds are as follows: General obligation bonds series 2003DA (refunded with new CUSIPs assigned); General obligation bonds series 2004DD (refunded with new CUSIPs assigned); General obligation bonds series 2004DE (refunded with new CUSIPs assigned); General obligation bonds series 2005DF (refunded with new CUSIPs assigned); General obligation bonds series 2006DI (refunded with new CUSIPs assigned); General obligation bonds series 2007DJ (refunded with new CUSIPs assigned); General obligation bonds series 2009DQ (prerefunded maturities only); General obligation refunding bonds series 2003DB (refunded with new CUSIPs assigned).
CUSIP is an identification number assigned to all stocks and registered bonds, overseen by the Committee on Uniform Securities Identification Procedures.
