Moody's rates Goodyear Tire notes B1

Moody's Investors Service said it assigned a B1 rating to Goodyear Tire & Rubber Co.'s newly offered unsecured notes and affirmed its corporate family and probability of default ratings of Ba3 and speculative grade liquidity rating at SGL-3. All other ratings are unchanged.

The outlook remains negative.

The new unsecured notes will consist of up to $702 million in principal amount of 8¾% notes due in 2020, Moody's said, and will benefit from upstream guarantees from Goodyear's material domestic subsidiaries.

The ratings continue to reflect the company's competitive position with the global tire industry, the agency said.

Its negative outlook continues to incorporate the challenges of maintaining the assigned corporate family rating, Moody's said.

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