S&P lowers Goodyear corporate credit rating

AKRON (Dec. 26)—Standard & Poor's Ratings Services lowered Goodyear's corporate credit rating on Dec. 24. S&P dropped Goodyear's debt rating to BB- from BB+, and also lowered its $1.3 billion senior bank facility and other senior unsecured debt rating to BB- from BB+. ·All ratings on the company were removed form CreditWatch, where they were placed Oct. 31,ö S&P said. ·The outlook is now negative.ö The ratings firm said the firm's B commercial paper rating was withdrawn. Robert J. Keegan, Goodyear president and chief operating officer and incoming CEO, said the company is disappointed in the S&P decision. ·While we understand their assessment that we need to improve our operating and financial performance, we already have a plan in place to achieve these objectives,ö he said. S&P said Goodyear's debt as of Sept. 30 was about $5 billion.