S&P trims Goodyear

S&P said it trimmed Goodyear Tire & Rubber Co.’s rating to B+ from BB-. The agency also lowered the rating on the company’s senior secured term loan to BB from BB+ and on its unsecured notes to B+ from BB-.

“In response to the Covid-19 pandemic, Akron, Ohio-based the Goodyear Tire & Rubber Co. suspended Americas and European manufacturing for the month of April. Moreover, the company reported today that sales in the first quarter of 2020 came in about $3 billion, down from $3.6 billion a year ago, and we expect that decline will worsen in the second quarter,” S&P said in a press release.

The outlook is negative.

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