J.C. Penney notes fall again on ratings downgrades; Diebold issues continue decline

By James McCandless

San Antonio, Aug. 17 – The distressed debt market closed the week focusing on names with recent earnings ties.

J.C. Penney Co., Inc. notes continued to drop as two ratings agencies issued downgrades in the aftermath of a dismal Q2 earnings report.

Diebold Nixdorf, Inc. issues fell again. One of the company’s largest lenders is in the process of securing a rescue loan.

Sanchez Energy Corp. paper improved. The company recently released lagging numbers in its Q2 earnings report.

Intelsat SA notes gained. Recently, a subsidiary brought a $1.25 billion offering of senior notes to market.

Frontier Communications Corp. issues were mixed to end the week. A recent Q2 report showed disappointing earnings.

Rite Aid Corp. paper was active but level. A potential merger with grocery chain Albertsons was recently canceled.

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