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Moody's: AES Hawaii notes B1
Moody's Investors Service said it assigned a B1 rating to about $365 million of senior secured notes of AES Hawaii, Inc.
The 6.87% notes due June 30, 2022 were originally issued in 2003 at a face amount of $500 million.
This is the first time Moody's said it assigned a public rating to the notes.
The outlook is negative.
The company has been in operation since 1992 and sells all of its output to Hawaiian Electric Co., Inc. under a power purchase agreement that extends to September 2022, Moody's said.
The company also sells steam to a nearby Chevron refinery, the agency said.
The rating considers the revenue stability provided by its long-term contracts, Moody's said.
The negative outlook is more reflective of the financial stress that has developed primarily as a result of the company's inability to pass along its significantly increased fuel costs, the agency added.
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