Department of Transportation

HONOLULU – The Hawaii Department of Transportation (HDOT) Harbors Division announces that Fitch Ratings has affirmed its ‘AA-’ rating for harbor revenue bonds Series 2010 A and 2010 B.

In response to market changes due to the coronavirus outbreak, Fitch Ratings conducted a portfolio-wide review of North American standalone port credits. The Fitch Ratings news release can be found at https://www.fitchratings.com/research/us-public-finance/fitch-takes-rating-actions-on-north-american-ports-amid-coronavirus-disruptions-30-03-2020

“Fitch Ratings review affirms the State’s role in providing public confidence on the continued shipment of goods through our ports.” said Hawaii Department of Transportation Deputy Director for Harbors Derek Chow. “The Hawaii shipping industry continues to meet the needs of the people of Hawaii during the COVID-19 outbreak and Harbors Division staff continue to report to work to perform their essential functions to support the movement of goods into Hawaii and maintaining essential functions.”

The affirmed bond rating affirms the HDOT’s management of its finances and continued shipment of cargo. “The Harbors Division adopted a cash flow model to fund large capacity Harbors Modernization projects such as the Kapalama Container Terminal (KCT), Phase 1,” said Jade Butay, Hawaii Department of Transportation Director. Butay added, “The Harbors Division will continue using pay as we go funding for projects in an effort to minimize selling bonds and will incur debt as needed for modernization projects that improve efficiency of cargo movement throughout the islands.”

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