S&P cuts Goodyear

S&P said it lowered the ratings for Goodyear Tire & Rubber Co. and its senior unsecured debt to BB- from BB. The agency also cut the rating on Goodyear’s second-lien secured debt to BB+ from BBB-.

“The downgrade reflects our belief that Goodyear will not be able to generate weighted FOCF to debt of 10% or more on a sustained basis,” said S&P in a press release.

The outlook is stable.

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