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Occidental Petroleum sinks as ratings cut to junk; Party City lower in retail space
By James McCandless
San Antonio, March 19 – As equities saw positivity, the distressed debt space experienced non-cohesive movements with energy in focus.
Occidental Petroleum Corp.’s notes sunk after receiving junk status in a ratings downgrade as the energy sector feels pressure from lower oil prices.
The 6.2% senior notes due 2040 dropped 8½ points to close at 61½ bid. The 5.55% senior notes due 2026 declined by 15¾ points to close at 63¼ bid.
The two tranches combined to see about $52 million change hands.
Early Thursday, Moody’s Investors Service lowered the Houston-based independent oil and gas company’s senior unsecured rating to Ba1 from Baa3.
The agency also assigned a corporate family rating of Ba1, a probability of default rating of Ba1-PD and a speculative grade liquidity rating of SGL-3, Prospect News reported.
Ratings were placed on review for downgrade.
Retailer Party City Holdco Inc.’s notes tracked lower after receiving a ratings downgrade as the company temporarily closes retail locations.
The 6 5/8% senior notes due 2026 shed 4½ points to close at 17½ bid.
On Thursday, the Elmsford, N.Y.-based party supplies retailer received downgrades from S&P Global Ratings.
The agency lowered its overall rating to CCC+ from B, also trimming its term loan rating and senior notes rating.
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