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Hawaii’s credit ratings are now at the highest levels in state history.
Fitch Ratings on Tuesday upgraded the state’s general obligation bond credit rating, from AA to AA+, based on Hawaii’s resilient economy and continued strong performance. The upgrade, along with current ratings from Moody’s Investors Service (Aa1) and Standard & Poor (AA+), increases Hawaii’s G.O. bond credit ratings to the highest levels ever in state history.
The latest rating upgrade from Fitch means that all three of the state’s G.O. bond ratings are now one notch away from the highest rating possible. The high ratings will help the state reduce its borrowing costs and increase savings for Hawaii taxpayers in future bond sales.
“This is significant because we could potentially save millions in taxpayer dollars on interest payments,” Gov. David Ige said in a statement. “The state is also better positioned for the next recession, reducing the need to raise taxes or cut services. My administration has actively promoted budgetary and financial policies to live prudently within our means, address our long-term liabilities and grow financial reserves.”
Fitch, an independent credit rating service, evaluates a bond issuer’s financial strength of its ability to pay back money owed. It cited Hawaii’s strong financial and operating performance, diversified economic base and the state’s overall fiscal prudence — including its commitment to reducing its pension and retiree health care liabilities. Fitch also acknowledged that the state has made strides in growing its budgetary and emergency reserves.
ON THE MOVE
>> Integrated marketing and communications agency iQ 360 has hired Analyn Delos Santos as a UX/UI designer in its Honolulu office. Delos Santos most recently worked for Zippy’s, Pomaikai Ballrooms and the Transform Hawaii Government nonprofit group as the lead UX/UI designer. Her new role at iQ 360 will be to develop digital solutions for the agency’s integrated marketing and communications campaigns.
>> Rehab Hospital of the Pacific has hired Glenn Requierme as its new chief information officer. Requierme previously worked at Convergence Technology Solutions Corp. in Michigan building enterprise-class applications and software for health care practice management.
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