Hawaii sold $1.9 billion in taxable general obligation bonds Wednesday to finance capital spending programs and existing debt.

The sale included a $600 million series with a final maturity in 2041, with the remaining bonds intended for refunding. Bank of America Securities Inc. was the book running senior manager of a five-bank syndicate on the deal.

The state’s revenues and general credit have stayed resilient due to $19.4 billion in federal grants and loans, with $1.64 billion of those funds allocated from the American Rescue Plan, according to documents.

S&P Global Ratings and Moody’s Investors Service have both revised their outlook on the state to stable, giving AA+ and Aa2 ratings respectively.

Fitch Ratings assigned AA ratings with a stable outlook. This deal is the state’s first since the rating revisions.

Municipal investors believe that despite Hawaii’s declining tourism revenue, with visitor spending in July down 6.8% from July 2019, and relatively high debt levels, the state can withstand any pandemic-driven blows to its economy.

“The state has high liabilities and fixed costs, yet it has made good progress in containing these liabilities over the last decade through pension reforms, more conservative actuarial assumptions, and better contribution discipline,” CreditSights analysts said in a report.

Ksenia Koban, vice president of investment firm Payden & Rygel, said “long-term structural vulnerabilities will continue to present challenges for a state with a concentrated revenue base whether the downturns are driven by COVID-19 or other emerging risks. But Hawaii has a prudent fiscal management discipline and generally strong governance practices, thus is able to mitigate severe impacts to its economic activity no matter the catalyst.”