Hawaiian Electric Industries, Inc. Credit Ratings

Entity - Ultimate Parent

Hawaiian Electric Industries, Inc.

EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

ESG Relevance


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01Ratings

Rating	Action	Date	Type
B	Affirmed	25-Oct-2024	Long Term Issuer Default Rating
B	Affirmed	25-Oct-2024	Short Term Issuer Default Rating

Ratings Key	Outlook	Watch
Positive
Negative
Evolving
Stable

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ��ֳ� Red

Rating History

Long Term Issuer Default Rating
Short Term Issuer Default Rating

Date :

25-Oct-2024

08-Mar-2024

21-Aug-2023

28-Jul-2023

17-Aug-2022

27-Jun-2022

18-Oct-2021

25-Jun-2021

15-Oct-2020

20-Jul-2020

25-Jul-2019

17-Apr-2019

30-Aug-2018

18-Oct-2017

18-Jan-2017

27-Sep-2016

20-Jul-2016

03-Dec-2015

04-Dec-2014

01-Oct-2014

07-Apr-2014

21-Jan-2014

Rating :

BBB+

BBB

Action :

Affirmed

Rating Watch Maintained

Downgrade

Upgrade

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Review - No Action

Affirmed

Rating Watch Maintained

Rating Watch On

Affirmed

New Rating

02Rating Actions

Rating Action Commentary / Fri 25 Oct, 2024

��ֳ� Affirms Hawaiian Electric Industries and Hawaiian Electric Co. at 'B'; Removes Negative Watch

Rating Action Commentary / Fri 08 Mar, 2024

��ֳ� Maintains Hawaiian Electric Industries and HECO on Rating Watch Negative

Rating Action Commentary / Mon 21 Aug, 2023

��ֳ� Downgrades HEI and HECO to 'B'; On Rating Watch Negative

Rating Action Commentary / Fri 28 Jul, 2023

��ֳ� Upgrades HEI to 'BBB+' and HECO to 'A-'; Outlook is Stable

Rating Action Commentary / Mon 27 Jun, 2022

��ֳ� Affirms Hawaiian Electric Ind. at 'BBB' and Hawaiian Electric at 'BBB+'; Outlook to Positive

Rating Action Commentary / Fri 25 Jun, 2021

��ֳ� Affirms Hawaiian Electric Industries at 'BBB' and Hawaiian Electric at 'BBB+'; Outlook Stable

Rating Action Commentary / Mon 20 Jul, 2020

��ֳ� Affirms Hawaiian Electric Industries at 'BBB' and Hawaiian Electric at 'BBB+'; Outlook Stable

Rating Action Commentary / Thu 25 Jul, 2019

��ֳ� Affirms Hawaiian Electric Industries at 'BBB' and Hawaiian Electric Co at 'BBB+'

Rating Action Commentary / Thu 30 Aug, 2018

��ֳ� Affirms Hawaiian Electric Industries at 'BBB' and Hawaiian Electric Co at 'BBB+'

Rating Action Commentary / Wed 18 Jan, 2017

��ֳ� Affirms Hawaiian Electric Industries at 'BBB' and Hawaiian Electric Co. at 'BBB+'

Rating Action Commentary / Wed 20 Jul, 2016

��ֳ� Affirms Hawaiian Electric Industries at 'BBB'; Outlook Stable

Rating Action Commentary / Thu 03 Dec, 2015

��ֳ� Affirms Hawaiian Electric Co. at 'BBB+'; Outlook Stable

Rating Action Commentary / Thu 04 Dec, 2014

��ֳ� Affirms Nextera on Acquisition; Hawaiian Electric on Watch Positive

Rating Action Commentary / Wed 01 Oct, 2014

��ֳ� Affirms 99 U.S. Utility, Power & Gas Companies' Ratings

Rating Action Commentary / Mon 22 Sep, 2014

Correction: ��ֳ� Affirms 130 U.S. Utility, Gas & Power Companies' Ratings

Rating Action Commentary / Mon 07 Apr, 2014

��ֳ� Affirms 129 U.S. Utility, Gas & Power Companies' Ratings

Rating Action Commentary / Tue 21 Jan, 2014

��ֳ� Assigns Initial Ratings to Hawaiian Electric Industries & Hawaiian Electric Co.

03Insights

Recovery Tool / Wed 27 Nov, 2024

Hawaiian Electric Company, Inc. – Recovery Tool

Rating Report / Wed 27 Nov, 2024

Hawaiian Electric Industries, Inc. and Hawaiian Electric Company, Inc.

Non-Rating Action Commentary / Tue 13 Aug, 2024

No Immediate Impact on HEI and HECO Ratings from Proposed Maui Wildfires Settlement

Non-Rating Action Commentary / Mon 06 May, 2024

No Immediate Rating Impact on Hawaiian Electric From Recent Legislative Developments

Rating Report / Thu 21 Mar, 2024

Hawaiian Electric Industries, Inc. and Hawaiian Electric Company, Inc.

Non-Rating Action Commentary / Wed 06 Dec, 2023

Deteriorating Outlook for North American Utilities, Power & Gas in 2024

Outlook Report / Wed 06 Dec, 2023

North American Utilities, Power & Gas Outlook 2024

Rating Report / Wed 01 Nov, 2023

Hawaiian Electric Industries, Inc. and Hawaiian Electric Company, Inc.

Rating Report / Thu 28 Jul, 2022

Hawaiian Electric Company, Inc.

Rating Report / Fri 15 Jul, 2022

Hawaiian Electric Industries, Inc.

Rating Report / Mon 26 Jul, 2021

Hawaiian Electric Industries, Inc.

Rating Report / Tue 18 Aug, 2020

Hawaiian Electric Industries, Inc.

Rating Report / Wed 05 Aug, 2020

Hawaiian Electric Company, Inc. (Subsidiary of Hawaiian Electric Industries, Inc.)

Special Report / Wed 06 Nov, 2019

U.S. Utility Parent Companies Handbook (A Detailed Review of Utility Parent Holding Companies)

Rating Report / Fri 20 Sep, 2019

Hawaiian Electric Industries, Inc.

Rating Report / Wed 31 Jul, 2019

Hawaiian Electric Company, Inc. (Subsidiary of Hawaiian Electric Industries, Inc.)

Navigator Report / Mon 07 Jan, 2019

Hawaiian Electric Company, Inc. - Navigator

Navigator Report / Mon 07 Jan, 2019

Hawaiian Electric Industries, Inc. - Ratings Navigator

Rating Report / Tue 11 Sep, 2018

Hawaiian Electric Industries, Inc.

Rating Report / Wed 08 Aug, 2018

Hawaiian Electric Company, Inc. (Subsidiary of Hawaiian Electric Industries, Inc.)

Navigator Report / Mon 23 Jan, 2017

Hawaiian Electric Company, Inc. - Ratings Navigator

Rating Report / Tue 25 Oct, 2016

Hawaiian Electric Industries, Inc.

Navigator Report / Wed 27 Jul, 2016

Hawaiian Electric Company, Inc. - Ratings Navigator

Rating Action Report / Wed 01 Oct, 2014

��ֳ� Affirms 99 U.S. Utility, Power & Gas Companies' Ratings

Rating Action Report / Mon 22 Sep, 2014

Correction: ��ֳ� Affirms 130 U.S. Utility, Power & Gas Companies' Ratings

Rating Action Report / Mon 07 Apr, 2014

��ֳ� Affirms 129 U.S. Utility, Power & Gas Companies' Ratings

04Sector Outlooks

Outlook Report / Thu 12 Dec, 2024

U.S. Public power and Electric Cooperatives Outlook

Outlook Report / Fri 08 Dec, 2023

North American Midstream Energy Outlook 2024

Outlook Report / Thu 07 Dec, 2023

U.S. Public Power and Electric Cooperatives Outlook 2024

Outlook Report / Wed 06 Dec, 2023

North American Utilities, Power & Gas Outlook 2024

Outlook Report / Tue 27 Jun, 2023

Global Corporates Mid-Year Outlook 2023

Outlook Report / Wed 07 Dec, 2022

North American Utilities, Power & Gas Outlook 2023

Outlook Report / Tue 06 Dec, 2022

U.S. Public Power and Electric Cooperatives Outlook 2023

Outlook Report / Fri 17 Dec, 2021

��ֳ� 2022 Outlook: U.S. Public Finance

Outlook Report / Tue 07 Dec, 2021

��ֳ� 2022 Outlook: U.S. Public Power and Electric Cooperatives

Outlook Report / Thu 02 Dec, 2021

��ֳ� 2022 Outlook: North American Utilities, Power and Gas

Outlook Report / Wed 06 Jan, 2021

��ֳ� 2021 Outlook Compendium: U.S. Public Finance

Outlook Report / Mon 21 Dec, 2020

��ֳ� 2021 Outlook: U.S. Public Power and Electric Cooperatives -- Amended

Outlook Report / Wed 09 Dec, 2020

��ֳ� 2021 Outlook: North American Utilities, Power & Gas

Outlook Report / Fri 03 Jan, 2020

��ֳ� 2020 Outlook: U.S. Public Finance (Outlook Compendium Report)

Outlook Report / Thu 12 Dec, 2019

��ֳ� 2020 Outlook: U.S. Public Power and Electric Cooperatives (Strong Affordability and Deleveraging Support Stable Outlook)

Outlook Report / Wed 04 Dec, 2019

��ֳ� 2020 Outlook: North American Utilities, Power & Gas (Constructive Regulation Supports Recovery in Credit Metrics)

Outlook Report / Mon 28 Jan, 2019

��ֳ� 2019 Outlook: U.S. Corporates (Near-Term Stability amid Global Uncertainty)

Outlook Report / Thu 06 Dec, 2018

��ֳ� 2019 Outlook: U.S. Public Power and Electric Cooperative Sector (Strong Affordability and Favorable Operating Environment Support Stable Outlook)

Outlook Report / Wed 28 Nov, 2018

��ֳ� 2019 Outlook: U.S. Utilities, Power & Gas (Supportive Regulation and Focus on Deleveraging Supports Stable Outlook)

Outlook Report / Mon 08 Jan, 2018

��ֳ� 2018 Outlook: Global Corporate Overview

Outlook Report / Thu 21 Dec, 2017

��ֳ� 2018 Outlook: U.S. Corporates (Synchronized Global Growth Supports Fundamental Stability)

Outlook Report / Wed 06 Dec, 2017

��ֳ� 2018 Outlook: U.S. Public Power and Electric Cooperative Sector

Outlook Report / Wed 22 Nov, 2017

��ֳ� 2018 Outlook: U.S. Utilities, Power & Gas (Supportive Regulation and Low Commodity Costs Support Stable Outlook)

Outlook Report / Thu 15 Dec, 2016

2017 Outlook: U.S. Public Power and Electric Cooperative Sector

Outlook Report / Mon 12 Dec, 2016

2017 Outlook: U.S. Corporates (Fundamental Stability amid Growth Challenges)

Outlook Report / Tue 29 Nov, 2016

2017 Outlook: U.S. Utilities, Power & Gas (The Rising Undercurrents)

Outlook Report / Wed 13 Jul, 2016

2016 Midyear Outlook: Energy Infrastructure North America (Contracted Revenues Underpin Stable Cash Flows)

Outlook Report / Wed 10 Feb, 2016

2016 Outlook: U.S. Corporates (Fundamental Stability amid Market Volatility)

Outlook Report / Fri 11 Dec, 2015

2016 Outlook: U.S. Utilities, Power and Gas (Glimpse of the Dark Side )

Outlook Report / Wed 09 Dec, 2015

2016 Outlook: U.S. Public Power and Electric Cooperative Sector

Outlook Report / Tue 23 Jun, 2015

2015 Midyear Outlook: Latin America Infrastructure (Steady Performance in a Slower Growing Region)

Outlook Report / Tue 20 Jan, 2015

2015 Outlook: U.S. Corporates (Solid U.S. Economic Growth Supports Stable Outlooks)

Outlook Report / Tue 16 Dec, 2014

2015 Outlook: U.S. Utilities, Power and Gas (Slow and Steady)

Outlook Report / Wed 10 Dec, 2014

2015 Outlook: U.S. Public Power and Electric Cooperative Sector (Steady as She Goes)

Outlook Report / Tue 04 Feb, 2014

2014 Outlook: U.S. Corporates (Stable Outlook with Improving Trends)

Outlook Report / Thu 12 Dec, 2013

2014 Outlook: Utilities, Power, and Gas (Electricity Sales Unplugged)

Outlook Report / Thu 12 Dec, 2013

2014 Outlook: U.S. Public Power and Electric Cooperative Sector (Calm Under Pressure)

Outlook Report / Mon 22 Jul, 2013

2013 Midyear Outlook: Latin America Infrastructure

Outlook Report / Mon 08 Jul, 2013

2013 Midyear Outlook: Energy Infrastructure North America

Outlook Report / Fri 07 Dec, 2012

2013 Outlook: Utilities, Power, and Gas

Outlook Report / Thu 06 Dec, 2012

2013 Outlook: U.S. Public Power and Electric Cooperative Sector -- Nothing Shocking

Outlook Report / Wed 18 Jan, 2012

Accounting and Financial Reporting -- 2012 Global Outlook

Outlook Report / Thu 05 Jan, 2012

2012 Outlook: U.S. Corporate Credit

Outlook Report / Thu 22 Dec, 2011

��ֳ� U.S. High Yield Default Insight -- 2012 Outlook

Outlook Report / Fri 16 Dec, 2011

2012 Outlook: Professional U.S. Sports

Outlook Report / Wed 07 Dec, 2011

2012 Outlook: U.S. Public Power and Electric Cooperative Sector

Outlook Report / Mon 05 Dec, 2011

2012 Outlook: Utilities, Power, and Gas

Outlook Report / Wed 30 Mar, 2011

2011 Outlook: U.S. Public Finance Sector Profiles

Outlook Report / Tue 18 Jan, 2011

2011 Outlook: U.S. Public Power and Electric Cooperative Sector

Outlook Report / Mon 20 Dec, 2010

2011 Outlook: U.S. Utilities, Power, and Gas

05Securities and Obligations

Issuer: Hawaiian Electric Industries, Inc.
Debt Level: senior unsecured
Issue: USD 175 mln commercial paper

25-Oct-2024
B
Affirmed
Short Term Rating

Rating History

Country: United States
Sectors: Corporate Finance; Utilities and Power
Disclosures: EU Endorsed, UK Endorsed; Solicited by or on behalf of the issuer (sell side)

senior unsecured; commercial paper

Currency: USD
Size: 175,000,000
Placement: Private Placement

Page

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06��ֳ� Adjusted Financials

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07Disclosures

Original Rating Date
Long Term Issuer Default Rating	21-Jan-2014
Short Term Issuer Default Rating	21-Jan-2014

Endorsement Status
EU Endorsed, UK Endorsed

Country of ��ֳ� Office
UNITED STATES

Solicitation Status
Long Term Issuer Default Rating	Solicited - Sell Side
Short Term Issuer Default Rating	Solicited - Sell Side

Country of Analyst
UNITED STATES

08Identifiers

Type:	CHFED Number	CIK Code	Dow Jones Ticker	ICB	LEI
Identifier:	3842957	0000354707	HE	7535	JJ8FWOCWCV22X7GUPJ23

09Criteria

02Aug
2024

Active Criteria

10Analysts

Shalini Mahajan, CFA
Primary Rating Analyst

Simar Jolly
Secondary Rating Analyst

Credit-Relevant ESG Scale

How relevant are E, S and G issues to the overall credit rating?

5		Highly relevant, a key rating driver that has a significant impact on the rating on an individual basis. Equivalent to "higher" relative importance within Navigator.
4		Relevant to rating, not a key rating driver but has an impact on the rating in combination with other factors. Equivalent to "moderate" relative importance within Navigator
3		Minimally relevant to rating, either very low impact or actively managed in a way that results in no impact on the entity rating. Equivalent to "lower" relative importance within Navigator.
2		Irrelevant to the entity rating but relevant to the sector.
1		Irrelevant to the entity rating and irrelevant to the sector

* ESG Relevance is applicable for international scale ratings only

Ratings Key	Outlook	Watch
Positive
Negative
Evolving
Stable

* Ratings displayed in orange denotes EU or UK Unsolicited and Non-Participatory Ratings

Where there was a review with no rating action (Review – No Action), please refer to the “Latest Rating Action Commentary” for an explanation of key rating drivers

*Premium Content is displayed in ��ֳ� Red

01Ratings

Rating History

02Rating Actions

03Insights

04Sector Outlooks

05Securities and Obligations

06���������ֳ� Adjusted Financials

07Disclosures

08Identifiers

09Criteria

10Analysts

Credit-Relevant ESG Scale

06��ֳ� Adjusted Financials