The state’s Airports System has raised $849 million in bond financing, the largest bond issuance for the Airports System in its history, to fund approximately $600 million for projects that upgrade and expand airport infrastructure, including runway repairs, terminal renovations, security enhancements and the construction of new facilities.

The financing, which was announced Friday by the state Department of Transportation, provides for a refinancing of $233 million of existing debt, generating over $23 million of interest cost savings.

HDOT said this bond issuance marks the first time that the Airports System has double-A ratings from the three rating agencies, including an Aa3 rating from Moody’s and AA- ratings from S&P Global Ratings and Fitch Ratings. The Moody’s upgrade to Aa3 from A1 cited “strong passenger traffic performance, the state’s economic resilience and the state’s enduring desirability as a premier tourism destination.

S&P and Fitch also affirmed the Airports System’s bonds and the outlook as stable ahead of the sale.

Gov. Josh Green said in a statement, “This successful issuance reflects the bond market’s confidence in the future of Hawaii and the critical role our airports system has in driving economic growth. We are grateful for the support of our investors and are excited to continue developing infrastructure that benefits both our residents and visitors.”

Transportation Director Ed Sniffen said the bond issuance provides critical funding “that will allow us to deliver on our commitment to continue upgrading airport infrastructure, modernizing facilities and improving operational efficiencies.”

HDOT operates and maintains 15 airports across the Hawaiian Islands, including Daniel K. Inouye International Airport, Kahului Airport, Hilo International Airport and Ellison Onizuka Kona International Airport at Keahole, and Lihue Airport.