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Advertiser Staff

State bonds get solid rating

The state's $45.7 million in highway revenue bonds received a "AA-" rating from the New York-based company Fitch Ratings.

The bonds will be offered next week. "AA-" is the fourth best rating issued by Fitch.

Highway revenue bonds are repaid out of the state highway fund, which is largely fueled by motor vehicle levies such as the gas tax.

While the growth of the fund has been slow, "coverage remains satisfactory," the ratings company said.

Central Pacific raises dividend

CPB Inc., parent of Central Pacific Bank, said yesterday it will pay a first-quarter dividend of 16 cents per share, up from the 11-cent dividend it paid the previous quarter.

In January, CPB, the state's fourth-largest financial institution in terms of total assets, said its fourth-quarter profits surged 14.5 percent on higher bank fee income and lower interest expenses.