Hertz notes in focus as ratings downgraded; Bombardier paper active on earnings miss

By James McCandless

San Antonio, May 7 – The distressed debt space spent the Thursday session with attention given to earnings results and ratings changes.

Hertz Global Holdings, Inc.’s notes varied in direction after receiving a ratings downgrade in the wake of its forbearance news.

The 6¼% senior notes due 2022 picked up 4 points to close at 22¼ bid. The 5½% senior notes due 2024 shaved off ½ point to close at 14¾ bid.

During the Thursday session, S&P Global Ratings issued a ratings downgrade for the Estero, Fla.-based car rental operator.

The agency lowered the company’s overall rating to SD from CCC- while affirming all of its issue ratings.

Meanwhile, aerospace name Bombardier Inc.’s issues diverged after reporting a loss for the first quarter.

The 6% senior notes due 2022 gained 1¾ points to close at 69 bid. The 7½% senior notes due 2025 declined by 2½ points to close at 58½ bid.

Early Thursday morning, the Montreal-based aerospace manufacturer released its earnings results for the first quarter.

The company reported a loss of $169 million, or a 10 cents per share loss, versus the 7 cents per share loss that analysts expected.

Revenues came in at $3.69 billion.

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