Moody's cuts Goodyear ratings

Moody's Investors Service said it has downgraded The Goodyear Tire & Rubber Co.'s senior implied debt rating to B1 from Ba3, thereby lowering the senior secured bank credit facilities to Ba3, the unsecured long-term issuer rating to B2 and the senior unsecured debt rating to B2.

The outlook is stable.

Moody's said the downgrades are a result of the continuing challenges faced in turning around the unprofitable North American Tire business and Moody's expectation that meaningful improvement in profitability and enhanced credit metrics will not occur until late 2004 at the earliest.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.