Hawaiian Electric, In Response To Fitch Downgrade, Says Seeing 'Speculation & Opportunism' In Market As Work To Determine What Happened In Maui Remains Ongoing
Portfolio Pulse from Benzinga Newsdesk
Hawaiian Electric (HE) has responded to a recent downgrade by Fitch Ratings, attributing the market's reaction to 'speculation and opportunism'. The company is still investigating the cause of an incident in Maui.
August 21, 2023 | 8:40 pm
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Hawaiian Electric's credit rating was downgraded by Fitch. The company is attributing the market's reaction to speculation and opportunism. An investigation into an incident in Maui is ongoing.
The downgrade by Fitch Ratings is a negative signal for Hawaiian Electric's creditworthiness, which could increase its borrowing costs and negatively impact its financial position. The ongoing investigation in Maui adds uncertainty, which markets typically dislike. This combination of factors is likely to put downward pressure on HE's stock price in the short term.
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