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Moody's rates Goodyear loan B3
Moody's Investors Service said it assigned a rating of B3 to a new $300 million junior-lien term loan of Goodyear Tire & Rubber Co.
Proceeds from the loan will add to general corporate liquidity and help address a maturing obligation for €400 million in June 2005. The outlook remains negative.
Moody's said Goodyear will benefit from the new term loan from the additional liquidity and the further lengthening of its debt maturity profile.
In the short term, Goodyear's total adjusted leverage will increase by approximately 0.2x estimated 2004 EBITDAR to a level slightly in excess of 4x.
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