Gov. David Ige and other state government officials began two days of meetings Monday in San Francisco with the three major credit agencies in a bid to obtain favorable bond ratings that will allow the state to borrow money at reduced interest rates.

The state, which currently has $6.7 billion in general obligation bond debt and pays just under 4.5 percent in interest, is planning to conduct a bond sale in May and is asking the three agencies — Moody’s, Fitch Ratings and Standard & Poor’s — for a report by April 27.

Moody’s and S&P currently list Hawaii with the second-highest credit ratings at Aa1 and AA+, respectively. Fitch rates Hawaii at AA, which is the third highest by that agency. All three agencies presently have assigned Hawaii a “stable” outlook, which is in the middle of the three potential outlooks that also include “positive” and “negative.”

State Director of Finance Wes Machida said improved bond ratings would result in lower interest rates and reduce future principal and interest payments to bondholders.

“Investors would look at the state as being extremely credit-worthy,” Machida said. “That would help us easily sell the bonds and price it at a lower interest rate because of the investor demand. Those payments come out of the general fund, so there would be more money available for important program needs — whatever the Legislature eventually decides. It could go to things like education, housing, the homeless and the environment.”

Ige, Machida, Deputy Finance Director Laurel Johnston and Eugene Tian, chief economist for the state Department of Business, Economic Development and Tourism, met with Moody’s and S&P on Monday and plan to meet with S&P today.

Machida said the size of the May bond sale, the interest rate offered and potential refinancing opportunities for existing bonds would depend on market conditions and how Hawaii fares in the reports of the three credit agencies.

“Last year S&P and Moody’s upgraded us, but Fitch didn’t,” Machida said. “We’re hoping Fitch will consider us for an upgrade so we can have the three bond rating agencies at the same rating. Minimally, we’re trying to make sure Moody’s and S&P continue to affirm us at the rating they have us now.”