Frontier active on ratings change, new notes; Cobalt issues plummet after asset auction

By James McCandless

San Antonio, March 7 – Traders reported spots of activity few and far between on another slow day in the distressed debt market on Wednesday, where most of the volume was taken up by familiar names.

Frontier Communications Corp. notes were some of the most active of the session again. It received a ratings affirmation, a stable outlook and a rating for its new series of notes.

Issues of Cobalt International Energy, Inc. took a sharp fall after it did not receive as much in offers as it had expected for certain assets it was auctioning off.

Community Health Systems, Inc. paper continued to trade after a bevy of news in recent weeks, including the prospect of further hospital closures and ratings downgrades.

Intelsat SA continued to be another favored name in distressed telecom. A down day for oil futures led to an active day for distressed oil names Ensco plc and Northern Oil and Gas, Inc. Elsewhere in the healthcare space, Mallinckrodt plc rolled on as a volume favorite.

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