Maui Business

Maui County Government Bond Ratings Highest in State

October 20, 2012, 3:50 PM HST
* Updated October 22, 10:50 AM
Listen to this Article
1 minute
Loading Audio... Article will play after ad...
Playing in :00
A
A
A

Maui Mayor Alan Arakawa, file photo by Wendy Osher.

By Sonia Isotov

Three major bond rating agencies scored Maui County with the highest bond ratings in the state earlier this month.

Moody’s, Standard & Poor’s and Fitch rated Maui County Aa1/AA+/AA+, higher than any other county government in Hawaii and the State of Hawaii. A press release from Fitch Ratings credits Maui County’s “prudent fiscal management” which resulted in “strong financial performance.”

“High bond ratings are important because they are the county’s equivalent of someone’s personal credit score or credit rating,” said Mayor Alan Arakawa, in a written statement.

“It means spending less taxpayer money on borrowing money for important projects, because we’re paying less interest over time.

ARTICLE CONTINUES BELOW AD

The fact that Maui County received such a great score means millions of dollars saved for taxpayers. I commend Finance Director Danny Agsalog and Budget Director Sandy Baz and their people for all their fine work.”

ARTICLE CONTINUES BELOW AD

The news about high bond ratings comes on the heels of two other budget and finance awards for Maui County this year. The Government Finance Officers Association (GFOA) of the United States and Canada awarded the county the Distinguished Budget Presentation Award as well as the Certificate of Achievement for Excellence in Financial Reporting.

The Certificate of Achievement is the highest form of recognition in the area of government accounting and financial reporting, while the Distinguished Budget award reflects the commitment of a governing body and staff to meeting the highest principals of governmental budgeting.

E-Mail Newsletters Receive daily or weekly updates via e-mail. Subscribe Now
News Alerts Breaking news alerts on your mobile device. Get the App

Comments

This comments section is a public community forum for the purpose of free expression. Although Maui Now encourages respectful communication only, some content may be considered offensive. Please view at your own discretion. View Comments