Windstream mixed on ratings downgrade; Community Health mixed on final exchange results

By James McCandless

San Antonio, June 20 – Activity in the distressed debt market rose on Wednesday, traders reported, though it was limited to market favorites.

Windstream Holdings, Inc. notes were mixed for a third day as a subsidiary received another ratings downgrade.

Community Health System, Inc. issues were mixed after it announced the final results of the exchange offers for three series of notes by a subsidiary.

PetSmart, Inc. paper gained. The company is currently in a dispute with creditors over a recent equity transfer.

Intelsat SA notes improved. Last week, the company announced that it would buy back its 7¾% notes due 2021. Frontier Communications Corp. issues rose. A recent failed auction did not produce a satisfactory bid for its Florida assets. American Tire Distributors paper fell.

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