AMC notes eyed amid ratings downgrade; United Airlines active in transportation sector

By James McCandless

San Antonio, Dec. 16 – Entertainment and travel names continued to hold the focus of the distressed debt space at the week’s midpoint.

AMC Entertainment Holdings, Inc.’s notes varied as the company received a ratings downgrade on Wednesday.

The 12% notes due 2026 dipped ¼ point to close at 22¾ bid. The 5 7/8% senior subordinated notes due 2026 picked up 1½ points to close at 15½ bid.

On Wednesday afternoon, the Leawood, Kan.-based movie theater operator received a ratings downgrade from S&P Global Ratings.

The agency cut the company’s rating to CC from CCC- and placed a C rating on AMC’s $100 million of second-lien notes on CreditWatch with negative implications.

Meanwhile, air carrier United Airlines Holdings, Inc.’s paper diverged after an analyst issued a double downgrade.

The 5% senior notes due 2024 held level to close at 100 bid. The 4¼% senior paper due 2022 was docked ¼ point to close at 100¼ bid.

During Wednesday’s activity, the Chicago-based air carrier was given a double downgrade by an analyst at JPMorgan.

The analyst downgraded the company’s common stock to underweight from overweight.

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