A slow start to the week in distressed debt; Denbury active on rating news

By James McCandless

San Antonio, Jan. 29 – The trend at the end of last week continued Monday as traders once again described the day’s trading activity as sideways. Many of the most-traded names were still riding on news from the week before, mostly following the rest of the market in trending downward.

Notes of Intelsat SA and Frontier Communications Corp. continued to be some of the most heavily traded names, according to a trader.

Denbury Resources, Inc. was more active than most, a trader said, after receiving a positive rating and stable outlook form Moody’s Investor Service.

Recent gains made by Community Health Systems, Inc. were lost, in part, on the day. The Franklin, Tenn.-based hospital owner and operator’s issues traded heavily upward last week after BlackRock Inc. increased its ownership position in the name.

Other names seeing higher than average activity on the day were Toys “R” Us, Inc., Hexion Inc. and Sears Holdings Corp.

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