Diamond Offshore drops on ratings cut; energy tranches crash; Intelsat lower

By James McCandless

San Antonio, March 9 – A combination of a steep drop in energy prices and increasing alarm about the coronavirus led to dives in the distressed space.

Diamond Offshore Drilling, Inc.’s notes dropped after the company received a slate of ratings downgrades.

As oil prices continued to sink, Oasis Petroleum Inc.’s, SM Energy Co.’s and Whiting Petroleum Corp.’s issues dropped similarly.

Elsewhere, in the telecom space, Intelsat SA’s paper tracked lower in the wake of last week’s negative headlines.

Sector peer Frontier Communications Corp.’s notes were also trailing.

Utilities name PG&E Corp.’s issues were active but unchanged as the company seeks the approval of employee incentive plans.

Meanwhile, in pharmaceuticals, Mallinckrodt plc’s and Endo International plc’s joined the day’s negative trend.

© 2015 Prospect News.
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