Intelsat mixed on ratings upgrade; American Tire issues decline, snapping five-day streak

By James McCandless

San Antonio, July 18 – The distressed debt market focused volume on popular and news-driven names as the broader market slowed in pace on Wednesday.

Intelsat SA notes were mixed after Standard and Poor’s issued a ratings upgrade based on a recent buyback program.

American Tire Distributors issues declined, ending five days of trading up as executives seek to convince investors of its ability to generate new business.

Murray Energy Corp. notes were active but level after its chief executive officer made comments Tuesday about government interference in energy markets.

Frontier Communications Corp. notes were mixed again. The company recently announced the resignation of its chief financial officer.

Hornbeck Offshore Services, Inc. issues declined in the offshore oil and gas space.

Mallinckrodt plc paper fell in the medical space.

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