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Murray Energy notes down despite ratings upgrade; American Tire issues regain some ground
By James McCandless
San Antonio, July 2 – As the markets edge closer to the Fourth of July holiday, trading in the distressed debt market was limited to volume favorites on Monday.
Murray Energy Corp. notes declined after Standard & Poor’s raised several of the company’s ratings.
American Tire Distributors issues gained again as the company is scrambling to make up for the termination of its Bridgestone passenger tire distribution deal.
Community Health Systems, Inc. paper was mixed. Last week, a subsidiary priced a $1.03 billion offering of 8 5/8% senior secured notes due 2024.
Frontier Communications Corp. notes were mixed. Recently, the company announced the resignation of its chief financial officer.
Intelsat SA issues were mixed. The company recently announced a buyback program for its 7¾% notes due 2021.
PetSmart, Inc. paper gained. The recent impasse between the company and creditors has cast doubts over the company’s finances.
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