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Prospect News home > News index > List of issuers G > Headlines for Goodyear Tire & Rubber Co. > News item |
Fitch rates Goodyear notes BB-/RR4
Fitch Ratings said it assigned a rating of BB-/RR4 to Goodyear Tire & Rubber Co.’s proposed issuance of $1 billion in eight-year senior unsecured notes.
The issuer default rating is BB- and the outlook is stable.
The proposed notes will be guaranteed by Goodyear’s U.S. and Canadian subsidiaries that also guarantee certain of the company's secured credit facilities and its senior unsecured notes. Goodyear may suspend the guarantees if the notes are rated investment grade by two rating agencies.
Proceeds from the proposed notes will be used to redeem the company’s $1 billion in 8¼% senior unsecured notes due 2020, which became callable on Aug. 15, 2015. By refinancing the 8¼% notes, Goodyear will likely lower its cost of debt and shift a substantial maturity three years further into the future.
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