Community Health notes decline after ratings shift; PetSmart mixed on ratings changes

By James McCandless

San Antonio, June 25 – Volume favorites were the focus for the distressed debt market to start off the week on Monday.

Community Health Systems, Inc. notes declined as the week began after Fitch made changes to its long-term issuer default rating.

PetSmart, Inc. issues were mixed amid ratings changes. The company is in the middle of a dispute with its creditors.

Frontier Communications Corp. paper was down. On Thursday, the company announced the imminent departure of its chief financial officer.

Intelsat SA notes traded down. Recently, the company announced a plan to buy back its 7¾% notes due 2021.

PHI, Inc.’s issues slid. The company recently announced a cash tender offer for its 5¼% notes due 2019.

Mallinckrodt plc paper jumped up in the medical space.

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