Frontier lower on board appointments; Teva mixed as ratings downgraded

By James McCandless

San Antonio, June 7 – The distressed debt space ended the week with a focus on news in the telecom sector.

Frontier Communications Corp.’s notes moved lower after a slate of board appointments included an expert in restructuring.

Sector peer Intelsat SA’s issues were mixed a day after pricing a new issue.

Meanwhile, Teva Pharmaceutical Industries Ltd.’s paper was also mixed as it received a ratings downgrade.

Another drugmaker, Mallinckrodt plc, saw its notes end Friday better after a few days of scrutiny over its settlement with the U.S. Department of Justice.

A second day of improving oil futures led to similar movements for Ensco Rowan plc’s and Extraction Oil & Gas, Inc.’s issues while California Resources Corp.’s paper finished mixed.

In retail, PetSmart, Inc.’s and L Brands, Inc.’s notes were both positive.

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