Frontier lower on analyst downgrade; Teva down on settlement news

By James McCandless

San Antonio, June 12 – The telecom and pharmaceutical spaces took up much of the attention of the distressed market in the middle of the week.

Frontier Communications Corp.’s notes moved lower after receiving an analyst downgrade on some of its bonds.

Sector peer Intelsat SA’s issues were mixed.

Meanwhile, in pharma, Teva Pharmaceutical Industries Ltd.’s paper declined as a judge held up its $85 million settlement with Oklahoma.

Elsewhere in the sector, Mallinckrodt plc’s notes improved.

In energy, Ensco Rowan plc’s issues finished mixed after an investor called for a bond sale to fund a special dividend.

Oil futures traded down, taking Halcon Resources Corp.’s and Denbury Resources Inc.’s paper with it as California Resources Corp.’s notes ended mixed.

Retailer PetSmart, Inc.’s issues trended positive as the company increased its IPO estimate.

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