Governor’s Statement Regarding Standard & Poor’s Favorable Assessment of Hawaii’s Progress on OPEB Liability

Posted on Jul 23, 2013 in Latest News, Newsroom, Press Releases

HONOLULU – In a news release titled “Hawaii Moves to Tame Its OPEB Liability,” Standard and Poor’s Rating Service today acknowledged the State of Hawaii’s actions to shore up its financial position in the wake of a stronger revenue outlook. Standard & Poor’s also claimed that Hawaii’s actions will strengthen the state’s fiscal position in both the near and longer term.

The Governor stated:

“It is encouraging to hear that one of the major agencies that rates Hawaii’s credit has spoken so positively of our administration’s efforts and our state’s achievements to build and improve our financial structure. Our most significant objectives have been to build financial reserves, deal with long-term unfunded liabilities, and instill sound financial management.

“Standard & Poor’s favorable comments acknowledge Hawaii as a leader amongst states in dealing with our financial health. Upon taking office, this administration recognized what needed to be done to restore financial confidence in our state, our financial management, and our economic well-being. We have made hard decisions that have begun to put Hawaii on the right path to better financial surety.

“Standard & Poor’s is the first rating agency to publicly recognize the significance of our state’s efforts and milestone legislation that will set the groundwork for future Legislatures and government leaders in Hawaii to deal with a growing burden that, if left unaddressed, will critically cripple the future financial viability of government to provide public services. Recent events nationally illustrate how significant Hawaii’s movement to deal with its liabilities is setting Hawaii apart from other jurisdictions.

“The message is clear: Hawaii takes its financial obligations seriously.”

Link to Standard & Poor’s news release here:

http://governor.hawaii.gov/wp-content/uploads/2013/07/SP-Hawaii-Moves-To-Tame-Its-OPEB-Liability-2013-7-23.pdf

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