Moody's confirms Goodyear, view now stable

Moody's Investors Service said it confirmed the ratings of the Goodyear Tire & Rubber Co., including the B1 corporate family rating, B1-PD probability of default rating, senior secured second-lien term loan rating of Ba2, senior unsecured guaranteed notes rating of B2, senior unsecured unguaranteed notes rating of B3 and Goodyear Europe BV's senior unsecured guaranteed notes rating of Ba3.

The speculative grade liquidity rating was changed to SGL-2.

The outlook was changed to stable from ratings under review.

The rating action considers the pending acquisition of Cooper Tire & Rubber Co., which will result in a comprehensive product offering across the tire value spectrum with greater volumes creating the opportunity to drive manufacturing and distribution synergies, and the substantial amount of equity that Goodyear is including for the purchase, Moody’s said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.