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The Honolulu Advertiser

Posted at 11:16 a.m., Wednesday, May 9, 2007

S&P raises Bank of Hawaii's counterparty credit rating

Advertiser Staff

Standard & Poor's Ratings Services has raised Bank of Hawaii Corp.'s counterparty credit rating to A- from BBB+, saying the bank occupies a leading position in the Hawai'i home market and that it has good growth prospects within its larger Pacific network.

The ratings agency also said the bank's rating it also underpinned by its "strategic repositioning in recent years, which has contributed to sustained profitability, a sound credit risk profile and strong capitalization."

Standard & Poor's also assigned the bank a stable outlook. "We believe that BOH is on track to achieve success with its '2007+' strategic plan, which we consider to be conservative, as earnings growth objectives are largely confined to the pace at which the local economy grows," the ratings agency said in a news release.