Uniti notes higher after ratings change; American Airlines eyed amid stimulus shift

By James McCandless

San Antonio, Oct. 7 – The distressed debt market took an interest in the property and travel sectors on Wednesday

Uniti Group Inc.’s notes were pushed higher after receiving a ratings upgrade toward the end of Wednesday activity.

The 8¼% senior notes due 2023 gained ¼ point to close at 99¾ bid. The 7 7/8% senior secured notes due 2025 moved up ¼ point to close at 107¼ bid.

The 8¼% notes saw about $14 million on the tape.

Near the end of the day on Wednesday, the Little Rock, Ark.-based telecom-focused real estate investment trust saw a ratings upgrade from Moody’s Investors Service.

The agency improved the company’s corporate family rating, probability of default rating and issue level ratings.

Meanwhile, American Airlines Group, Inc.’s paper diverged after president Donald Trump signaled his willingness to provide airlines with a new round of stimulus.

The 5% senior notes due 2022 fell 1 point to close at 70½ bid. The 3¾% senior paper due 2025 grabbed 2 points to close at 52¼ bid.

The Fort Worth-based airline’s structure continued to see high levels of activity as the nature of negotiations surrounding a new round of federal stimulus continued to shift.

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