New York CNN —Hawaiian Electric Industries’ stock plummeted another 10% Tuesday after S&P Global downgraded the company’s credit rating to junk. In a statement, S&P Global said the wildfires have placed the company at a higher risk, and that it there is a potential for further credit downgrades. More lawsuits could arise, further jeopardizing the company’s credit rating depending on how successful the plaintiffs are. S&P said that the class action lawsuits could increase risk for the company and deteriorate its credit quality. S&P also placed HEI and its entities on CreditWatch with negative implications, which means the utility’s credit rating could be further downgraded in the near future.

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Persons: ”, ” Moody’s, Moody’s, HEI “, Jim Kelly, ” Kelly, HEI, Josh Green Organizations: New, New York CNN, Hawaiian Electric Industries, P Global, Hawaiian Electric, Pacific Gas and, Electric, CNN, Hawaii Gov, HEI Locations: New York, California, Hawaii, Maui, Lahaina, Hawaii’s, HEI