AMD quoted lower as Moody's cuts ratings; Caesars' losses mount; MF Global gets a boost

By Stephanie N. Rotondo

Phoenix, Jan. 31 - It was "another down day for most of this [distressed] stuff," a trader reported Thursday.

Advanced Micro Devices Inc.'s debt was not trading much, but was quoted lower following a rating downgrade from Moody's Investors Service.

A trader saw the 7¾% notes due 2020 quoted at 83½ bid, 84 offered.

"They were in the upper-80s a couple days ago," he said.

Caesars Entertainment Corp. was also on the downside, a trend the name has seen over the course of the week, despite no fresh news.

One market source called the 10% notes due 2018 down nearly 2 points at 68 bid.

At another desk, a trader called the issue down almost half a point at 68 bid, 69 offered.

But MF Global Futures Ltd.'s bonds were getting boosted leading up to news that came out near the close regarding approval of an intercompany settlement.

A trader pegged the benchmark 6¼%/7¼% notes due 2016 at 71 bid, 72 offered.

Elsewhere in the distressed arena, a trader said Ameren Energy Generating Co.'s 7.95% notes due 2032 "rebounded" about 3 points, closing at 62 7/8.

Another trader saw ATP Oil & Gas Corp.'s 11 7/8% notes due 2015 falling further into the single digits, closing at 6 bid, 6¼ offered.

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