S&P rates Goodyear notes BB

Standard & Poor’s said it assigned its BB issue-level rating and 4 recovery rating to the Goodyear Tire & Rubber Co.’s proposed $1 billion senior unsecured note issuance. The 4 recovery rating indicates an expectation of average recovery (30%-50%; lower half of the range) in the event of a default.

The company plans to use the proceeds from this issuance to redeem its existing $1 billion 8¼% senior unsecured notes.

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