NEW YORK - Standard & Poor's Corp. said it assigned its A subordinated debt rating to Bank of Hawaii.

In addition, S&P said it affirmed its A senior unsecured and A1 commercial paper ratings of parent Bancorp Hawaii. S&P also affirmed its A-plus rating on Bank of Hawaii's uninsured certificates of deposit, and revised its ratings outlook on Bancorp Hawaii to negative from stable.

"The rating reflects Bancorp Hawaii's strong market-share position, continued good profitability and asset quality, and adequate capital ratios," Standard & Poor's said.

"The change in outlook to negative reflects S&P's general concerns about the slowdown in the state's economy and the potential impact on Bancorp Hawaii," it added.

Hawaii has been hit by a slowdown in construction activity.

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