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

Hawaiian Telcom filed for Chapter 11 bankruptcy on Dec. 1. The company was unable to reach an 11th-hour deal with its creditors.

Hawaiian Telcom's financial situation had been deteriorating for months, and on Nov. 3 Standard & Poor's downgraded the company's $500 million worth of bonds to "D," or default status, when the company missed a $26 million payment to bond holders.

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tracks Hawaiian Telcom debt, said it is not unusual for companies in bankruptcy to request ratings on their bonds to be withdrawn.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

Hawaiian Telcom earlier this month said it was in talks with several investors to buy the company out of bankruptcy.

In a filing in U.S. Bankruptcy Court in Delaware, the company said it contacted 12 investment groups since October to acquire a stake in the company or purchase it outright. The firm has also requested that the bankruptcy hearing be moved to Hawai'i.

The company's Washington, D.C.-based owner, the Carlyle Group, also has submitted its own restructuring plan, which includes additional investments in the local phone company, the filing said.