California Resources notes improve before ratings upgrade; Neiman Marcus paper gains

By James McCandless

San Antonio, Sept. 21 – The last day of trading for the week saw a continued focus on retail and telecom names in distressed debt.

California Resources Corp.’s notes improved on Friday. After the close, the company received a ratings upgrade.

The 6% notes due 2024 rose 1˝ points to close at 85 bid. The 8% notes due 2022 added ˝ point to close at 92 bid.

The notes tracked the movement of oil futures.

After the close on Friday, S&P Global Ratings raised the company’s issue-level rating on its senior secured second-lien debt to B- from CCC+ and revised the recovery rating on the debt to 2 from 4. The agency also affirmed the B issue-level rating on the company’s senior secured first-lien debt and the CCC- issue-level rating on its senior unsecured debt.

Neiman Marcus Group, Inc.’s issues traded up slightly as investors digested news that an investor has filed a complaint regarding a recent private equity transfer.

The 8% notes due 2021 rose about ˝ point to close at 69˝ bid.

Debt investor Marble Ridge claimed on Friday that the company may be in default as a result of its recent private equity transfer of e-commerce segment MyTheresa.

Meanwhile, Intelsat SA’s paper and Frontier Communications Corp.’s notes were mixed in trading.

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