BUSINESS BRIEFS
New state bonds get AA rating
Advertiser Staff and News Services
Fitch Ratings assigned an AA rating to the state of Hawai'i's $350 million general obligation bond of 2007, series DJ, saying the strong local economy has led to state government revenue growth. The ratings agencies also cited the state's sound financial operations and conservative budgetary procedures.
The New York-based bond rating service said the bonds are expected March 28 through a syndicate led by Citigroup. It also affirmed its AA rating on about $4.3 billion of outstanding Hawai'i general obligation bonds.
DEEP SEA-WATER TO DEBUT IN U.S.
Big Island-based Deep SeaWater International Inc. said its Kona Deep Hawai'i deep-sea drinking water will debut in stores across the United States and Hawai'i tomorrow. The desalinated deep-sea water is produced at the Natural Energy Laboratory Hawai'i Authority. It is available in 500-milliliter and 1.5-liter bottles.
The water will be distributed by Langer Juice Co. Inc. in select states throughout the U.S. and in the Pacific Northwest. Paradise Beverages will handle distribution throughout the Hawaiian Islands. The product is available throughout Japan and is currently being test-marketed in Guam.
Deep-sea water is the state's fastest growing export. Exports reached $37.4 million last year and, for the second year in a row, the water was Hawai'i's leading locally produced export.
CALIFORNIA GAS PRICES HIGHEST
Hawai'i, long known for having the highest gasoline prices in the nation, has lost that title to California.
The average price for a gallon of regular in California has soared by almost 50 cents a gallon during the past month and now stands at $3.121 a gallon, according to the AAA Daily Fuel Gauge Report. Hawai'i's average price of $2.906 a gallon is the second highest among the 50 states. The national average is $2.545 a gallon for regular.
