Honolulu wastewater bonds earn AA+ rating, opening door for sewer infrastructure upgrades
(UI) — Honolulu’s Department of Environmental Services (ENV) will issue about $223 million in wastewater revenue green bonds this September to fund upgrades across Oʻahu’s collection and treatment systems.
The bonds, formally titled Wastewater System Revenue Bonds Senior Series 2025B, are designated as Green Bonds, meaning proceeds will be directed to projects that advance sustainability and environmental protection.
Ahead of the sale, ENV received strong ratings from national credit agencies. S&P Global Ratings reaffirmed an AA+ rating and Fitch Ratings kept its AA rating while upgrading ENV’s outlook to “Positive,” citing reliable sewer fee revenues, financial stability, and consistent compliance with federal consent decree requirements.
“These 2025B Series Bonds underscore ENV’s commitment to sustainable development through innovation that prioritizes environmental stewardship,” said ENV Director Roger Babcock.
More than $223 million raised from the bonds will support a series of environmentally focused infrastructure improvements. Bank of America Securities will serve as the lead underwriter, joined by Morgan Stanley, Raymond James, and Stifel.
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