Mallinckrodt notes eyed after ratings downgrade; Transocean varies in energy space

By James McCandless

San Antonio, Aug. 7 – Hitting the end of the week, distressed pharmaceutical and energy tranches had most of the market’s attention.

Mallinckrodt plc’s notes diverged in direction after receiving a ratings downgrade in reaction to its latest earnings report.

Meanwhile, in the oil and gas space, Transocean Ltd.’s issues varied as it received its own ratings cut.

Sector peer Gulfport Energy Corp.’s paper improved despite issuing a going concern warning due to an unfavorable debt profile.

Crude futures finished the week on the decline, followed by Occidental Petroleum Corp.’s notes as Whiting Petroleum Corp.’s issues yielded mixed results.

Property owner CBL & Associates Properties, Inc.’s paper drifted lower after releasing its second-quarter earnings report.

Mall name Washington Prime Group Inc.’s notes gained.

Elsewhere, Bombardier Inc.’s issues differed a day after reporting a loss in its latest earnings report.

Auto parts name Tenneco Inc.’s paper spent the session rising on the back of its results for the second quarter.

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