Fitch affirms Goodyear

Fitch Ratings said it affirmed ratings for The Goodyear Tire & Rubber Co. and removed the ratings from rating watch negative.

The agency noted that the ratings were placed on rating watch negative on Oct. 18, when the company announced a $975 million drawdown of its bank revolver.

Goodyear's debt and recovery ratings are as follows: issuer default rating B, $1.5 billion first-lien credit facility BB/RR1, $1.2 billion second-lien term loan BB/RR1, $300 million third-lien term loan B/RR4, $650 million third-lien senior secured notes B/RR4 and senior unsecured debt CCC+/RR6.

The outlook is negative.

Fitch added that the negative outlook reflects concerns about weak operating results and higher levels of debt associated with costs of the strike and the new contract.

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