Teva drops on negative outlook, government pressure; Dean lower on agency downgrade

By James McCandless

San Antonio, Aug. 14 – The distressed debt market saw a host of negativity on Wednesday as fears of a global economic downturn ignited a sell-off.

Teva Pharmaceutical Industries Ltd.’s notes dropped after receiving negative ratings and pressure from members of Congress.

Sector peer Mallinckrodt plc’s issues were positive.

Dairy name Dean Foods Co.’s paper was moving lower on its own ratings downgrade.

Meanwhile, utilities name PG&E Corp.’s notes slipped as the company fights to maintain control over its bankruptcy process.

In oil and gas, Sanchez Energy Corp.’s issues shifted lower as a noteholder group objected to the company’s request for debtor-in-possession financing.

Other energy names California Resources Corp., SM Energy Co., and Superior Energy Services, Inc.’s paper fell with oil futures.

Telecom name GTT Communications, Inc.’s notes were losing.

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