Moody's rates Hawaiian Electric bonds Baa1

Moody's Investors Service said it changed the outlook to negative from stable for Hawaiian Electric Co., Inc. and parent Hawaiian Electric Industries, Inc., as well as the outlooks for HECO Capital Trust III, Hawaiian Electric Industries Capital Trust II and Hawaiian Electric Industries Capital Trust III.

Moody's also said it affirmed the long-term ratings at HECO Capital and Hawaiian Electric Industries, including HECO's issuer rating at Baa1 and Hawaiian Electric Industries' senior unsecured debt at Baa2 and affirmed their short-term rating for commercial paper at prime-2.

Moody's also said it assigned a Baa1 rating to HECO's planned issuance of $150 million senior unsecured special purpose revenues bonds due 2039 to be issued by the department of budget and finance of the state of Hawaii.

The outlook change to negative reflects a weakened service territory economy, which may be influencing the outcome of state regulatory decisions, at a time when the company's capital investment program is substantial, Moody's said.

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