Community Health notes gain on ratings changes; American Tire notes rebound slightly

By James McCandless

San Antonio, June 29 – The end of the week in distressed debt saw steady activity in volume favorites with little movement elsewhere.

Community Health Systems, Inc.’s notes improved after S&P Global Ratings issued several ratings changes on the company.

The 7 1/8% notes due 2020 rose about 2¼ points to close at around 91 bid. The 6 7/8% notes due 2022 gained about ¾ point to close at around 52¼ bid.

On Thursday, the 7 1/8% notes lost about 2¼ points and the 6 7/8% fell about 2 points.

American Tire Distributors’ issues gained back a small amount of losses from the last few days, spurred on when Bridgestone announced that it would end their passenger tire distribution deal.

The 10¼% notes due 2022 picked up about ½ point to close at 23 bid.

On Wednesday and Thursday, the 10¼% notes lost a total of about 33¾ points.

Murray Energy Corp.’s paper declined. On Thursday, reports confirmed that the Department of Energy is studying the potential cost of federal assistance to at-risk coal and nuclear power plants.

Frontier Communications Corp.’s notes were mixed. Last week, the company announced the coming departure of its chief financial officer.

Intelsat SA’s notes gained. The company recently announced that it would buy back its 7¾% notes due 2021.

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