NEW YORK (Standard&Poor's) March 28, 2011--Standard&Poor's Ratings Services today said The Goodyear Tire&Rubber Co.'s public offering of $435 million in mandatory convertible preferred stock has no immediate effect on the corporate credit rating (BB-/Stable/--), although it does improve leverage incrementally. Goodyear expects to raise $421 million in net proceeds from this offering. The company plans to use some of the net proceeds to redeem $350 million of its 10.5% senior unsecured notes due 2016 at the redemption price of 110.5% of the principal amount, plus any accrued and unpaid interest. The company intends to use the remaining proceeds for general corporate purposes, including repaying other debt. Assuming all of the net proceeds of this offering are used to pay
