MEDIA RELEASE

Fitch Ratings on Wednesday affirmed the County of Hawaii’s strong bond rating, citing the county’s sound financial management and conservative budgeting as grounds to maintain the county’s “AA-” classification.

Moody’s Investors Service and Standard & Poor’s Rating Services also affirmed the county’s ratings.

“This rating review by nationally recognized experts is a testament to our careful, conservative approach to balancing the budget in very challenging economic times,” Mayor Billy Kenoi said. “This demonstrates that we have taken a responsible approach to cutting costs and controlling spending, and I am very pleased that these agencies recognize the hard work by all of our employees. I want to thank all those who worked so hard to keep our county on sound financial footing.”

The ratings reviews were prompted by county plans to issue $97.52 million in bonds on Jan. 29, including $47.52 million that will be used to refinance existing debt to take advantage of the exceptionally low interest rates.