NEWS & UPDATES
For Immediate Release
March 5, 2024
Honolulu Board of Water Supply (BWS) Retains AAA Bond Credit Ratings
HONOLULU – The Board of Water Supply (BWS) has reaffirmed its “AAA” bond credit ratings from both Fitch Ratings and S&P Global Ratings with a Stable Outlook for both. This is the fourth year BWS has received the “AAA” rating from S&P; and the second year Fitch gave “AAA” rating to the BWS.
“We are very grateful to both ratings agencies for their favorable view of the BWS financial picture.” stated Ernie Lau, Manager and Chief Engineer of the BWS. “It is a tribute to the hard work of our staff in managing our resources and protecting our water, and continue to replace aging infrastructure, monitor Red Hill concerns, address rising energy and material costs while working to keep rates affordable.”
The reaffirmed ratings will allow the BWS to refinance the outstanding Series 2014A&B Bonds at a lower interest rate and provide new funds for capital improvements to the water distribution system. This benefits ratepayers as it can positively affect future rate schedules with regards to debt service payments.
The Bond sale is scheduled for March 12 and 13, 2024.
BofA Securities is serving as the senior manager and Raymond James is serving as the co-manager for the offering.
About the Board of Water Supply
The Board of Water Supply (BWS), a semi-autonomous agency of the City and County of Honolulu, manages Oahu’s municipal water resources and distribution system. As the largest water utility in the State, the BWS serves approximately one million customers on Oahu. The BWS embraces its mission of “Water for Life – Ka Wai Ola” – to provide a safe, dependable, and affordable water supply, now and into the future. Uwē ka lani, ola ka honua – “When the heavens weep, the earth lives.” For more information, visit www.boardofwatersupply.com, follow @BWSHonolulu or like the BWS’s Facebook page at http://www.facebook.com/BWSHonolulu.
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Contact:
Kaliko Lum Kee
Assistant Waterworks Controller
Honolulu Board of Water Supply
Phone: (808) 748-5131