Hawaiian Telcom said rates and fees remain unchanged. Verizon Communications, which sold Verizon Hawaii last week, will continue to collect and process payments through 2005. However, checks now need to be written to Hawaiian Telcom, P.O. Box 9688, Mission Hills, CA., 91346-9688.

Fitch withdraws ratings assigned to Verizon Hawaii

Chicago-based Fitch Ratings said today it has withdrawn its rating on debt issued by Verizon Hawaii now that the company has been bought by the Carlyle Group and the name changed to Hawaiian Telcom.

Fitch said it took the step because the sale, which closed last week, was a private and Fitch does not have the information necessary to rate the new company.

The move applies to the 'BB+' rating assigned to the senior unsecured debt of Verizon Hawaii and the 'BBB-' rating assigned to the company's first mortgage bonds (the first mortgage bonds matured in February 2005). The rating action affects $300 million of publicly outstanding senior unsecured debt assumed by the new company that was outstanding prior to the sale.

Tesoro's earnings up as profit-margin widens

Tesoro Corp., the second-largest oil refiner on the U.S. West Coast, said earnings in April were triple what the company reported for the entire first quarter as profit margins widened. The company's shares surged to a record.

Per-share profit was about $1.20 last month as the gap between crude-oil costs and prices for gasoline and diesel widened and plants that were idled for repairs returned to service, Chief Executive Bruce Smith told investors today on a conference call. First-quarter profit dropped to $27.7 million, or 40 cents a share, from $50.4 million, or 75 cents.

Tesoro has refineries in Hawai'i and five other western states.