Hawaiian Electric Co. and its subsidiaries have roughly $500 million in special purpose municipal debt and it’s “quite possible” those bonds could be downgraded to below investment-grade in the near future, reads Barclays’ note out Wednesday. S&P Global Ratings cut Hawaiian Electric Industries to junk earlier this week.
The utility’s bonds have plunged since the wildfires. Its investment-grade muni bonds due in 2039 traded at about 63 cents on the dollar on Wednesday. That compares with above 80 cents in the days before the catastrophe, according to data compiled by Bloomberg. Like California’s largest utility PG&E Corp., which filed for bankruptcy in 2019, Hawaiian Electric Co. could decide to seek Chapter 11 protection to deal with its liabilities, the strategists added, albeit noting there hasn’t been any such indication from the company.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hawaiian Electric shares continue slide amid scrutiny over Maui wildfiresCompany’s stock briefly hits lowest level since 1985
Source: globeandmail - 🏆 5. / 92 Read more »
Electric Bus Maker Proterra’s Bankruptcy Reveals ‘Finite Window’ for EV StartupsThe company ran into headwinds that are indicative of the bigger challenges EV startups face as they deal with high upfront investment needs and low sales.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Hawaii Electric stock plunge raises climate change concerns for utilitiesInvestors are punishing a Hawaiian utility company that has come under scrutiny after wildfire ravaged part of the island of Maui, raising broader concerns about power grid operations as climate change brings on more intense natural disasters.
Source: BNNBloomberg - 🏆 83. / 50 Read more »
Access to electric vehicle charging getting better but not quickly enoughOTTAWA — If you live in Montreal or Vancouver and own an electric car, finding somewhere to charge it is likely as easy as a quick search of an app on your smartphone. If you live almost anywhere else in Canada, the struggle to find a charging station is real. 'Things have progressed really well in Quebec and British Columbia,' said Jeff Turner, director of mobility for the Montreal-based research firm Dunsky Energy and Climate. As of Aug. 15, a charging station database maintained by Natural Re
Source: YahooFinanceCA - 🏆 47. / 63 Read more »