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Bombardier notes decline as ratings downgraded; CBL securities eyed in REIT space
By James McCandless
San Antonio, March 31 – The distressed debt market continued to focus on energy and newsmakers amid continuing economic pressure from the Covid-19 pandemic.
Bombardier Inc.’s notes dropped after the company received a ratings downgrade as it’s faced with production cuts.
The 7 7/8% senior notes due 2027 fell 1¾ points to close at 68¾ bid. The 7½% senior notes due 2024 declined by 4½ points to close at 67½ bid.
About $21 million of the tranches combined changed hands.
After the close on Monday, Fitch Ratings issued downgrades for the Montreal-based aerospace manufacturer.
The agency cut the company’s long-term issuer default rating and senior unsecured debt ratings.
Meanwhile, CBL & Associates Properties, Inc.’s issues varied as the company received its own ratings cut.
The 5¼% senior notes due 2023 held level to close at 25 bid. The 4.6% senior notes due 2024 picked up ¾ point to close at 20¾ bid.
The Chattanooga, Tenn.-based mall-focused real estate investment trust was another name to receive a ratings downgrade on Tuesday morning.
Fitch lowered the long-term issuer default ratings of the company and its operating partnership, CBL & Associates, LP, to CC from CCC+.
The agency expects that a distressed exchange or some form of restructuring will take place within the next 12 months.
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