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Fitch Ratings has affirmed the "AA-" rating on the state Department of Transportation's $260.6 million of outstanding harbor system revenue bonds, giving them a stable rating outlook.
The rating reflects the harbor system's natural monopoly position serving the Hawaiian islands, Fitch Ratings said Wednesday. The system benefits from tariff rates and a history of positive revenue trends supported by stable volume growth, and is expected to maintain its historically robust financial profile.
"High ratings on our bond offerings show a level of confidence in our commercial harbors system," Transportation Director Jade Butay said in a news release Wednesday. "Bond ratings are crucial to attract investors, which in turn allows us to borrow against anticipated revenues to make large-scale infrastructure improvements like the Kapalama Container Terminal at a lower interest rate."