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.
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