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The Positive Outlooks on Hawaiian Electric Industries, Inc.’s (HEI) and subsidiary Hawaiian Electric Company, Inc.’s (HECO) ratings reflect ���������ֳ�’ expectation that both entities should be able to maintain very strong credit metrics for their rating category, due to more predictability provided by a new regulatory construct implemented in 2021. In addition, HEI and HECO have maintained strong credit metrics for their ratings in 2020 and 2021, despite the pandemic’s economic impact on Hawaii. ���������ֳ� expects to resolve the Positive Outlook within 12–18 months, as HECO goes through a full calendar year of the new rate construct, which should drive improvement in ROE. HEI’s Improving Credit Metrics: HEI’s consolidated credit metrics, as measured by FFO leverage, remain comfortably positioned at or below its positive sensitivity threshold over ���������ֳ�’s forecast period. ���������ֳ� projects HEI’s FFO leverage to be 4.0x–4.5x over 2022–2024, due to expected improvement in cash flow at the utility after 2021, and a bank dividend increase over 2020. Given projected cash flows, ���������ֳ� does not expect any equity issuance over the forecast period due to strong dividends from both businesses. ���������ֳ� believes that HEI would issue equity if needed to maintain its capital structure and investments.