PG&E notes rise despite ratings downgrades; Bombardier issues drop amid negative news

By James McCandless

San Antonio, Nov. 16 – The distressed market closed a week shortened by the Veterans Day holiday focused on news-driven names.

PG&E Corp.’s notes rose despite ratings downgrades and continuing worries over its role and liability for an active California wildfire.

Meanwhile, manufacturer Bombardier Inc.’s issues declined amid investor worries and Canadian regulatory action.

In the shipping space, Navios Maritime Partners LP’s paper fell despite a ratings upgrade. Sector peer Hornbeck Offshore Services, Inc.’s notes saw mixed trading.

Elsewhere, in coal, Cloud Peak Energy Inc.’s issues continued to climb.

A positive day in oil futures spurred gains in Sanchez Energy Corp.’s paper but California Resources Corp.’s notes saw a mixed day and there were sharp falls for EP Energy Corp.’s issues.

Retail name J.C. Penney Co., Inc.’s paper moved lower.

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