Hawaiian Electric Industries Inc.’s stock HE tumbled 23% Tuesday, after class-action lawsuits were filed against the company and its subsidiaries following the devastating wildfires on Maui. S&P Global Rating downgraded the rating to BB- and placed it on CreditWatch negative, meaning the rating agency could downgrade it again in the near term. S&P estimates that the fires have destroyed 2,200 structures and said FEMA has put the damages at more than $5.5 billion, or more than twice the company’s book equity of $2.2 billion. The lawsuits have increased the risk of a material deterioration in HEI’s credit quality, should…
