The ratings affirmation was based on Fitch’s positive analysis of the harbor system’s strong financial liquidity, scheduled tariff increases for cruise, cargo and pipelines, and the increased stability of the state’s economy.
Governor Neil Abercrombie said, “No other state relies as heavily on their harbors as Hawaii does and our future modernization plans will continue to increase efficiency into the future. This rating is a vote of confidence in our harbor system and our ongoing economic recovery.”
Under the state Department of Transportation, the Harbors System operates ten commercial harbors on six islands. Hawaii imports approximately 80-percent of its consumable goods, of which, 98-percent of these imports enter the state through the harbor system.
In issuing the upgrade, Fitch identified the following as positives of the harbors system:
Strong State Economy: Stability of the state’s underlying economy through the downturn with signs of stabilization and return to growth in recent periods.
Natural Monopoly: The port system provides essential maritime services and serves a state without an efficient alternative means of transporting goods to and throughout it.