BUSINESS BRIEFS
State's bonds get 'AA-' rating

Advertiser Staff

Fitch Ratings gave an "AA-" rating to $225 million in state general obligation bonds expected to be sold Wednesday through negotiation with UBS Financial Services and Citigroup.

The bonds will be due May 1, 2009, to 2024, but could be redeemed earlier in certain circumstances.

Fitch also affirmed the "AA-" rating, the agency's fourth highest rating, on the state's $3.6 billion outstanding g.o. bonds.

Fitch said the "AA-" rating reflects the state's strong debt security, with principal and interest representing a first charge on the general fund. The state's financial operations have been "maintained soundly," Fitch said, "even under prior stressful periods."

Home Depot starts Hilo job

Home Depot broke ground yesterday on its 130,000-square-foot store in Hilo on Hawaiian Homes land behind the Prince Kuhio Plaza.

The big-box home-improvement retailer will eventually create 200 jobs and generate more than $11 million for the Department of Hawaiian Home Lands in the first 25 years of a 65-year lease.

"This commercial investment is right in line with our strategic plan of becoming a self-sufficient organization," said Micah Kane, department director.