Moody's rates Goodyear Tire loans Ba3, B2, Dunlop loans B1

Moody's Investors Service said it affirmed the long-term ratings of Goodyear Tire & Rubber Co. and its European joint venture, Goodyear Dunlop Tire Europe BV, but raised the speculative grade liquidity rating to SGL-2 from SGL-3.

Moody's also assigned Goodyear's $1.5 billion senior secured first-lien revolver a prospective Ba3 rating and $1.2 billion senior secured second-lien term loan a prospective B2 rating.

Moody's also assigned Goodyear Dunlop Tire Europe and certain of its subsidiaries' €350 million senior secured first-lien revolver a prospective B1 rating and €155 million senior secured first-lien term loans a prospective B1 rating.

The outlook remains negative.

Moody's said the rating affirmation recognizes Moody's expectation that Goodyear's earnings prospects will strengthen through 2005 as a result of the company's solid competitive business position and improving market fundamentals.

© 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.