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Moody's lifts Hawaii Pacific Health bonds to Aaa/VMIG1
Moody's Investors Service said it upgraded the long-term rating to Aaa on the Department of Budget and Finance of the State of Hawaii's special purpose revenue bonds (Hawaii Pacific Health obligated group), affecting $50 million of debt.
At the same time, Moody's said it affirmed the short-term VMIG1 rating on the bonds.
The rating was upgraded when an irrevocable direct-pay letter of credit from Bank of Nova Scotia was substituted for the liquidity facility from the Bank of Nova Scotia. The bank is rated Aa1/P-1.
Hawaii Pacific has an underlying rating of Baa1. The rating also reflects insurance from Radian Asset Assurance, which is rated Aa3.
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