Hawaii

The Baa3 rated government will now have more trouble supporting the struggling Guam Memorial Hospital, Moody's Ratings said.

Generous federal support is offset by a small and volatile economy, the agency said.

The county comes to market on the strength of its recovery, according to the county's financial advisor.

The U.S. territory is struggling with debt and pension liabilities as its economy remains weak and federal aid is cut back.

Moody's expects enplanements at the facility will remain below the low end of its former projections.

Fitch cited the authority's stronger margins in recent years.

The utility expects the bonds to have an all-in true interest cost of 4.91%.

The effects could hit island economies, like those of Puerto Rico and the U.S. Virgin Islands, whose bonds are speculative grade partly because of fiscal concerns.

S&P cited the government's improved fiscal position as a factor in the positive outlook.

A Moody's Ratings upgrade means Hawaii DOT's airport division is headed to market with across-the-board double-A ratings.

As headline risk swirls around the Fed and the transition to the Trump administration, municipals have largely stayed in their own lane. November finds the municipal market "in far better technical shape, with an attractive backdrop through at least year-end," J.P. Morgan's Peter DeGroot said. 

The Aloha State received three rating affirmations as it prepares to sell $750 million of taxable general obligation bonds.

Fears of a Hawaiian Electric bankruptcy abated after a settlement was announced that would cap the utility's liability for the Maui wildfire under $2 billion.

The triple-tax-exempt bonds should be in demand, especially the non-AMT series, analysts said.

The utility had $542 million of outstanding tax-exempt special purpose revenue bonds issued through the Hawaii Department of Budget of Finance at year-end 2023.

The authority is refunding its 2014A bonds to gain debt service savings.

Hawaii Gov. Josh Green's last-minute attempt to resuscitate a bill that would have allowed Hawaii Electric Co. to issue debt, backed by a rate increase, failed.

Hawaii Gov. Josh Green outlined the state's plan to permanently house everyone displaced by the fire — and how he plans to pay for it during a media briefing.

Fitch analysts cited improved financial metrics, a full recovery on enplanements and great clarity on its capital program.

Hawaii's budget director told a state Senate committee the costs to house people are coming in double what was estimated.