Moody's: Goodyear up to stable

Moody's Investors Service said it confirmed the ratings of Goodyear Tire & Rubber Co. senior implied at B1 and speculative grade liquidity rating at SGL-2 and changed the outlook to stable from negative.

Moody's also confirmed Goodyear's senior secured first-lien revolving credit at Ba3, second-lien term loans at B2, junior-lien notes and term loans, senior unsecured and issuer ratings at B3 and Goodyear Dunlop Tire Europe BV's first-lien revolving credit and first-lien term loan at B1.

Moody's said the actions result from the resolution of several of the accounting concerns the company has faced, remediation plans which management has implemented to address internal control issues cited in its 10-K report and continued momentum in the company's operating results and liquidity profile.

The ratings and outlook anticipate that Goodyear's initiatives to resolve internal control and accounting matters will reduce the potential for significant future out of period adjustments to its financial statements and that the company will maintain a current status in its financial reporting with the Securities and Exchange Commission, according to Moody's.

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