At Hawaiian Telcom's request, Standard & Poor's Ratings Services withdrew its corporate credit rating on the company's bonds, which were in default.

Hawaiian Telcom filed for Chapter 11 bankruptcy on Dec. 1 after its crushing debt load reached unsustainable levels. S&P had downgraded the company's $500 million worth of bonds to "D," or default status on Nov. 3 when Hawaiian Telcom missed a $26 million payment to bond holders.

Susan Madison, a S&P credit analyst who tracks Hawaiian Telcom debt, said it is not unusual for a companies in bankruptcy to request ratings on their bonds to be withdrawn.

"Once a company files for bankruptcy it is difficult to get information on them," Madison said. "When they reorganize and come out of bankruptcy, they can come to us for a new rating and we can reassess the situation."