Hawaiian Electric Industries Inc.’s stock HE, -2.06% fell another 21% in premarket trade Friday, after Standard & Poor’s again downgraded its rating, sending it further into junk territory, as the problems stemming from the Maui wildfires worsened. On Thursday, Maui County sued the utility over the fires, saying the utility failed to shut off power despite exceptionally high winds and dry conditions.
“We view management’s decisions as prudently reducing the company’snear-term liquidity risks, but we also assess these actions as confirmation of the company’s likely inconsistent access to the capital markets, which we believe is fundamental to the successful operation of a utility business,” S&P said in a statement. The rating agency cut the rating to B- from BB- and said it’s still on CreditWatch negative, meaning it could downgrade it again. S&P cut the rating to junk on Aug.
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Maui County files lawsuit against Maui Electric Company, Hawaiian Electric Company following wildfiresMaui County has filed a lawsuit against the Maui Electric Company and Hawaiian Electric Company following the wildfires across the island.
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Hawaiian electric stock plunges after Maui wildfire lawsuitsThe lawsuit went on to state that since the electric company failed to shut off its power during the 'dangerous fire conditions,' they caused deaths, injuries, destruction of properties, and many of Hawaii's historic sites.
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Hawaiian Electric halts dividend to shore up cash position after Maui wildfiresHawaiian Electric Industries Inc. said late Thursday that it is suspending its dividend, starting in the third quarter, “to further increase its cash...
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Hawaiian Electric shares slide after Maui County sues for damages over deadly wildfiresThis is breaking news. Please check back for updates.
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County of Maui sues Hawaiian Electric for negligence leading to fires By ReutersCounty of Maui sues Hawaiian Electric for negligence leading to fires
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