- Utility’s subsidiary has $495 million of munis outstanding
- Hawaiian Electric cut to junk Tuesday by S&P over lawsuits
Municipal bonds sold by a unit of Hawaiian Electric Industries, which operates the utility that serves Maui, are plunging amid scrutiny over the company’s possible role in the island’s deadly wildfire.
Investment-grade muni bonds sold by Hawaiian Electric Co. due in 2039 traded at about 65.7 cents on the dollar on Monday. That compares with above 80 cents in the days before the catastrophe, according to data compiled by Bloomberg.
Bloomberg Markets
By Amanda Albright
August 15, 2023