Updated at 11:14 a.m., Thursday, December 20, 2007
Fitch cites strong economy in Maui upgrade
Advertiser Staff
Fitch Ratings has assigned an "AA" rating to Maui County's upcoming $35 million bond issue.The ratings service said it also has upgraded Maui's $253.2 million of outstanding parity bonds to AA from AA- with a stable outlook.
Fitch said the upgrade reflects the strong performance of Maui's economy along with the expansion of the county's property tax base. This has enabled Maui to "improve its financial operations and enhance reserves to high levels," Fitch said.
Better financial ratings translate into lower borrowing costs when debt is issued.
Fitch said Maui's $35 million General Obligation bonds, 2008 series A, is expected to be sold via negotiation with UBS Investment Bank on about Jan. 8.
