Moody's assigns Goodyear SGL-3 rating

Moody's Investors Service said it assigned an initial speculative grade liquidity rating of SGL-3 to The Goodyear Tire & Rubber Co.

The rating reflects Moody's assessment that Goodyear's current sources of internal cash flow, balance sheet liquidity, and availability under committed facilities should cover its operating needs in the coming year, including contributions to its pension plans, and the substantial amount of debt which is scheduled to mature over the next 12 months. As a result, the SGL-3 rating reflects adequate liquidity.

This is the initial SGL rating for Goodyear whose senior implied rating continues at B1.

Goodyear's cash position at Sept. 30 was roughly $1.6 billion.

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