(Reuters) - Hawaiian Electric Industries is seeking expert advice amid growing scrutiny over its role in the Maui wildfires, but the largest power supplier in the US island state said on Friday that goal was not to restructure the company.
Ratings agency Moody's Investors Service earlier in the day downgraded the company's stock to junk status. The S&P Global Ratings had this week placed it on watch for further downgrades.
Hawaiian shares have lost more than half of its value since the Aug. 8 wildfires that destroyed the coastal Maui town of Lahaina and killed at least 110 people.
The company did not clearly outline the purpose for which it was seeking expert advice. "Like any company in this situation would do, and as we do in the normal course of business, we are seeking advice from various experts," it said in a filing.
As of Thursday about 1,900 customers in West Maui remained without electricity, Hawaiian said. It did not include the around 2,600 homes and businesses that were destroyed, which represent less than 1% of its customers.
The Honolulu-based company was slapped with class-action lawsuits alleging culpability for the fires, claiming that the utility failed to shut off power lines despite warnings that high winds might blow those lines down and spark wildfires.
(Reporting by Arshreet Singh and Arunima Kumar in Bengaluru; Editing by Arun Koyyur)
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