J.C. Penney bonds steady after Q1 report; Ultra Petroleum up despite ratings downgrade

By James McCandless

San Antonio, May 17 – The distressed debt market experienced a low activity day on Thursday, traders reported, with few news-driven names driving trading.

J.C. Penney Co., Inc. bonds were level despite Thursday’s release of the company’s Q1 report, which included falling revenues and earnings.

Ultra Petroleum Corp. notes traded up despite a ratings downgrade. Last Thursday, the company released its Q1 report.

American Tire Distributors issues declined as the company works to recapture investor confidence after losing a distribution partnership with Goodyear.

Intelsat SA paper was mixed. The company recently posted a disappointing Q1 report. Adding to the volume in telecom, Frontier Communications Corp. notes were mixed. Mallinckrodt plc issues traded down.

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