Hawai‘i Highway Revenue Bonds Upgraded to “AAA” by S&P Global Ratings

HONOLULU - S&P Global Ratings (S&P) upgraded the Hawaiʻi Department of Transportation's (HDOT) Highway Revenue Bonds from 'AA+' to 'AAA' on April 7, 2026. 'AAA' is the highest rating possible.

At the same time, Moody's Ratings affirmed its 'Aa2' rating on the Highway Revenue Bonds, citing, "The highway revenue bonds benefit from the state's proactive management, with a history of adding or modifying transportation related taxes and surcharges, as needed, to enhance highway funding and adapt to the growth of electric vehicles."

"The upgraded rating by S&P Global Ratings and the affirmed rating by Moody's Ratings reflects the state's fiscally sound approach to investing responsibly and strategically in Hawai'i's transportation infrastructure," said Governor Josh Green. "Continued investment in our highway system is vital to ensuring Hawai'i's ongoing economic growth, while keeping our residents connected."

"The upgraded bond rating positions HDOT to continue to improve and modernize our highways and bridges statewide, while enhancing roadway safety and efficiency," said HDOT Director Ed Sniffen.

HDOT intends to sell approximately $440 million of Highway Revenue Bonds on Thursday, April 16, with a special order period for individual and Hawaiʻi-based investors on Wednesday, April 15. Interest on the bonds will be exempt from federal and Hawai'i income taxes. BofA Securities, RBC Capital Markets and Wells Fargo Securities will serve as co-lead managers for the bond sale.

# # #