Ka Wai Ola - Office of Hawaiian Affairs, Volume 9, Number 11, 1 November 1992 — Page 34 Advertisements Column 1 [ADVERTISEMENT]

I LEGAQ // tt ernice Pa^ Standard & Poor's/Moody's One of the most eeonomieal sources ot monev tor large entities like corporations, cities and even countries is institutional deht securities: bonds, notes, commercial paper and the like. These are essentially issued vta puhlie or private borrowtng proerams and provide money at a mueh lower cost than borrowing from a hank. Kamehameha Schools/Bishop Estate sometimes issues its own deht securities as a means ot raistng capital. Becau^e ot this, we have estahlished national credit ratings. Standard & Poor's and Moody s — two services whieh evaluate credit worthiness - recently provided KS/BE with a short term credit rating. They looked us over thoroughly. They reviewed our resources, our investment activity, our management practices and our staff, as well as the entire Kamehameha Schools program. They lett no stone unturned and took great care in reaching their conclusions, because a favorable rating from Moody's or S & P is a significant hnaneial endorsement. In the end we are pleased to report, both organizations have given KS/BE their highest ratings: Al+ from Standard & Poor's and P-1 from Moody's. It is inevitable that KS/BE attracts criticism. We are controversial. We represent large blocks of land in a land-poor state. We administer a 19th-century will whieh was structured to enhanee both an ethnic and a religious minority. We manage one of the most valuable resources left for the Hawaiian people. But most controversial of all is our pursuit of enduring financial growth to further the educational mission of Bernice Pauahi Bishop. Even those who criticize KS/BE must agree: this is the sole reason we exist. And now, thanks to Moody's and Standard & Poor's, we ean tell you that these independent and critical judges have given us their highest marks. We don't expect this information to quiet our critics. We do hope it will help you, and them, see that Kamehameha Schools/Bishop Estate - as both a school and a business - is a living, dynamic organization. That, as a business, it pursues hnaneial strength to fulfill the vision of a compassionate, far-sighted woman. And that according to two objective, critical and influential judges, KS/BE is a fīnancially strong and economically viable institution. Kamehameha Schools/Bernice Pauahi Bishop Estate KS/BE sponsors this eolumn in the interest of helping people understand its role and mission.