Moody’s Investors Service has lowered its rating outlook for Hawaiian Electric Industries Inc.’s debt from stable to negative.

Moody’s affirmed the long-term ratings of $1.4 billion worth of HEI and Hawaiian Electric Co. debt at Baa1 and Baa2 but lowered its outlook because of the weak local economy and lower electricity usage.
“This rating outlook change to negative reflects a weakened service territory economy, which may be influencing the outcome of state regulatory decisions, at a time when the company’s capital investment program is substantial,” said Moody’s Senior Vice President A.J. Sabatelle.