Whiting falls as ratings downgraded; PG&E lower in utilities space

By James McCandless

San Antonio, March 6 – As coronavirus concerns continued to permeate markets, the distressed space was no different with energy and telecom names as the main target.

Whiting Petroleum Corp.’s notes fell after the company received a ratings downgrade amid a confluence of negative factors.

Oil futures were knocked down, with the negativity spilling into Oasis Petroleum Inc.’s, California Resources Corp.’s and Laredo Petroleum, Inc.’s issues.

Meanwhile, in utilities, PG&E Corp.’s paper trended lower as the company seeks court approval for short-term and long-term employee incentive plans.

Telecom company Intelsat SA’s notes declined a day after the company faced negative headlines over share sales.

Sector peer Frontier Communications Corp.’s issues were also under pressure.

In the pharma sector, Mallinckrodt plc’s and Endo International plc’s paper drifted lower.

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