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For Immediate Release
March 1, 2023

Honolulu Board of Water Supply Receives AAA Rating from Financial Agencies

HONOLULU – On Monday, February 27, 2023, the Board of Water Supply (BWS) received “AAA” ratings from Fitch Ratings and S&P Global Ratings with a stable outlook for both.  This is the third year BWS has received the “AAA” rating from S&P.  Fitch upgraded BWS to “AAA” status from AA+ in February 2023.

"We are very grateful to both ratings agencies for their favorable view of the BWS financial picture,” stated Ernie Lau, Manager and Chief Engineer of the BWS. “This comes despite the challenges we have faced over the past year with the Red Hill spills of jet fuel and AFFF concentrate.  It is a tribute to the hard work of our staff in managing our resources, protecting our water, and for taking action under very difficult circumstances.”

The BWS is preparing for another revenue bond offering in March 2023.  Proceeds from the bonds will be used to finance new projects and conduct repairs and maintenance of the water system. 

BofA Securities is serving as the underwriter for the offering. 



Kathleen Elliott-Pahinui
Information Officer
Honolulu Board of Water Supply
Phone: (808) 292-4672