Printer Friendly

HAWAIIAN ELECTRIC INDUSTRIES, INC. $110 MILLION MEDIUM-TERM NOTES (SHELF) RATED 'BBB+' BY DUFF & PHELPS

 CHICAGO, March 9 /PRNewswire/ -- Duff & Phelps Credit Rating Co. has assigned a rating of BBB+' (Triple-B-Plus) to Hawaiian Electric Industries, Inc.'s (HEI) shelf registration for $110 million of medium- term notes, Series B. Combined with a previous registration, $150 million of medium-term notes are available for sale. Proceeds will be used to reduce short-term and other debt, make equity investments in or advancements to subsidiaries, and for other corporate purposes.
 Hawaiian Electric Company, Inc. (HECO), HEI's principal subsidiary, provides approximately three-fourths of consolidated operating income. HECO has maintained a good balance sheet structure. Earnings at HECO have increased recently due to rate relief and kwh sales growth. However, continued regulatory support will be necessary in order for HECO to attract capital for its large construction program. The regulatory environment is improving, albeit slowly. The Hawaii Public Utilities Commission has recognized HECO's sizable purchased power obligations.
 Uncertainty continues surrounding HEI's decision to cease operations at its insurance subsidiary Hawaiian Insurance & Guaranty Company, Limited in December 1992. The extent of additional financial responsibility ultimately required, if any, is unknown. A distinct separation between utility and non-utility businesses is assumed.
 HEI is the holding company for subsidiaries engaged in the electric utility, financial service, freight transportation, and real estate development businesses. The utility business, represented by HECO and subsidiaries Maui Electric Company, Limited and Hawaii Electric Light Company, Inc. provides electric service to approximately 95 percent of Hawaii's population. The major non-utility subsidiary is American Savings Bank which has performed well.
 -0- 3/9/93
 /CONTACT: John C. Dell of Duff & Phelps Credit Rating Co., 312-368-3161/
 (HE)


CO: Hawaiian Electric Industries, Inc. ST: Hawaii IN: UTI SU: RTG

PS -- NY046 -- 4502 03/09/93 11:58 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 9, 1993
Words:285
Previous Article:NEW STUDY REVEALS JAPANESE AUTOMAKERS TO BE FAR SUPERIOR TO UNITED STATES CAR MANUFACTURERS IN CUSTOMER SERVICE
Next Article:GEORGIA POWER COMPANY $500 MILLION FIRST MORTGAGE BONDS AND PREFERRED STOCK (SHELF) RATED 'A-' AND 'BBB+'
Topics:


Related Articles
BALTIMORE GAS AND ELECTRIC COMPANY $100 MILLION MEDIUM-TERM NOTES (SHELF) RATED 'A+'
DUFF & PHELPS LOWERS HAWAIIAN ELECTRIC INDUSTRIES, INC. MEDIUM-TERM NOTES TO 'BBB+'
DUFF & PHELPS: CAROLINA POWER & LIGHT COMPANY $200 MILLION SECURED MEDIUM-TERM NOTES RATED 'A+'
DUFF & PHELPS: CENTRAL HUDSON GAS & ELECTRIC CORPORATION REMOVED FROM RATING WATCH -- DOWN; RATINGS REAFFIRMED
DUFF & PHELPS CREDIT RATING CO. UPGRADES NORTHERN INDIANA PUBLIC SERVICE COMPANY
DUFF & PHELPS UPGRADES NIPSCO INDUSTRIES
DCR RATES HAWAIIAN ELECTRIC INDUSTRIES' $30 MILLION 6.66 PERCENT MEDIUM-TERM NOTES 'BBB+'
DCR UPGRADES HOUSTON INDUSTRIES INC.'S NOTES AND SENIOR DEBENTURES TO 'BBB+' AND REAFFIRMS THE RATINGS OF HOUSTON LIGHTING & POWER CO.
DCR Reaffirms the Ratings of Hawaiian Electric Industries, Inc. and Hawaiian Electric Company
DCR Assigns Credit Rating to Cinergy Corp. and Reaffirms Cinergy Subsidiaries' Credit Ratings

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters