S&P rates Goodyear notes B+

Standard & Poor's said it assigned a B+ rating to Goodyear Tire & Rubber Co.'s (BB-/negative) proposed $500 million senior unsecured notes due 2016 with a recovery rating of 5.

Proceeds are expected to be held until the repayment at maturity of nearly $500 million in senior floating-rate notes due Dec. 1, 2009.

Ratings reflect the company's high leverage and the ongoing global downturn in tire demand in both the replacement and original equipment markets, the agency said.

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