Moody's Investors Service has lowered its rating outlook for Hawaiian Electric Industries Inc.'s debt from stable to negative.

Moody's affirmed the long-term ratings of $1.4 billion worth of HEI and Hawaiian Electric Co. debt at Baa1 and Baa2 but lowered its outlook because of the weak local economy and lower electricity usage.

"This rating outlook change to negative reflects a weakened service territory economy, which may be influencing the outcome of state regulatory decisions, at a time when the company's capital investment program is substantial," said Moody's senior vice president, A.J. Sabatelle.

CPB'S PARENT CONSIDERS PREFERRED STOCK

The parent of Central Pacific bank said it may issue a form of preferred stock as part of its $100 million public offering.

Central Pacific Financial Corp. said today that it could issue up to $15 million in series B preferred stock in case its public offering is oversubscribed.

With $5.5 billion in assets, Central Pacific is the state's third-largest financial institution. The company said it plans to use the proceeds for general corporate purposes.

$5.55M GOING TOWARD CLEAN ENERGY PLANS

The Hawaii Natural Energy Institute is getting $5.55 million of American Recovery and Reinvestment Act money that's going to smart grid demonstration projects.

The award was among $47 million of funding announced by U.S. Energy Secretary Steven Chu and goes to a University of Hawai'i project that involves wind energy and peak load reduction.

"Modernizing our electrical grid to make it stronger, smarter, more efficient and more secure is a crucial step in expanding renewable energy and creating jobs," Chu said in a press statement.

"These investments will help lay the foundation for American leadership in the clean energy economy."

HOSPITAL, TECH PROVIDER SIGN $10M DEAL

Rehabilitation Hospital of the Pacific has signed a five-year, $10 million contract expanding the information technology services provided by Affiliated Computer Services Inc.

Affiliated Computer provides a range of information technology application and infrastructure services and acts as the chief information officer for the hospital.

The hospital's plans include installing a new electronic medical record system.