A second bond rating agency has downgraded Hawaiian Telcom Communications Inc. noting the company may default on debt payments.

Moody's Investors Service said the action reflects the possibility of default following the company's delay of $26 million in bond interest payments earlier this month.

"The rating actions are prompted by our belief that the company may not be able to successfully negotiate a restructuring plan with its creditors and that an imminent default may therefore be likely," said a note released by Moody's.

Moody's downgrade follows one by Standard & Poor's Ratings Services following Hawaiian Telcom's Nov. 3 announcement that it was postponing interest payments on three of its notes.