S&P rates Goodyear notes B+

Standard & Poor's said it assigned B+ and 4 recovery ratings to Goodyear Tire & Rubber Co.'s senior unsecured notes of up to $702 million due 2020 being issued to exchange with $650 million of 7.857% notes (rated B+) due 2011.

The purpose of the exchange offer is to extend the maturity date of some of the company's debt that is due in 2011.

The rating reflects the company's high leverage and the ongoing weakness in tire demand in both the replacement and original equipment markets, the agency said.

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