Posted at 11:37 a.m., Wednesday, May 23, 2007
S&P lowers rating on HECO long-term debt
Advertiser Staff
Standard & Poor's Ratings Services is lowering the long-term corporate debt and unsecured debt ratings on Hawaiian Electric Co. Inc. and two subsidiaries.Standard & Poor's said it's lowered the ratings to "BBB" from "BBB+" for the company and Hawaiian Electric Light Co. and Maui Electric Co.
It affirmed its "A-2" short-term corporate rating and said the outlook was stable.
The downgrade was "the result of sustained weak bondholder protection parameters compounded by the financial pressure that continuous need for regulatory relief, driven by heightened capital expenditure requirements, is creating for the next few years," said S&P credit analyst Barbara Eiseman in a news release.
