S&P raises Goodyear certificates

Standard & Poor's said it raised its ratings on the class A-1 and A-2 certificates from the $46 million Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-Backed Series 2001-34 Trust to B from B- and removed them from CreditWatch, where they were placed with positive implications May 14.

The rating actions reflect the May 31 raising of the rating on the underlying securities, the 7% notes due March 15, 2028, issued by Goodyear Tire & Rubber Co. and its removal from CreditWatch positive, S&P noted.

Corporate Backed Trust Certificates Goodyear Tire & Rubber Note-Backed Series 2001-34 Trust is a pass-through transaction and its ratings are based solely on the rating assigned to the underlying collateral, Goodyear Tire & Rubber Co.'s 7% notes due March 15, 2028, the agency said.

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