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Posted 8/25/2023, 2:29:47 AM

S&P downgrades Hawaiian Electric to 'B-' as wildfires raise market-access worries

S&P Global Ratings has downgraded Hawaiian Electric Industries and its subsidiaries due to likely inconsistent access to the capital markets following the recent Maui wildfires, with potential damages exceeding initial assessments by the U.S. Federal Emergency Management Agency.

reuters.com

Relevant topic timeline:

8/22/2023

S&P downgrades multiple U.S. banks citing 'tough' operating conditions

S&P Global has downgraded credit ratings and revised outlooks for multiple U.S. banks, citing funding risks and weaker profitability as factors that will test the sector's credit strength.

8/26/2023

Bare and uninsulated power lines were possible cause of Hawaii wildfires

The Maui fires that caused the deadliest US wildfire in over a century were exacerbated by bare, uninsulated power lines and poor-quality power poles that did not meet safety standards, leading to a spate of lawsuits against Hawaiian Electric.

8/28/2023

Hawaiian Electric calls Maui county's wildfire lawsuit 'irresponsible'

Hawaiian Electric's shares surged 30.2% after the company called the lawsuit filed against it by the county of Maui "factually and legally irresponsible," blaming the county for the Hawaii wildfires.

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