...NEW YORK (Standard & Poor's) July 20, 2015--Standard & Poor's Ratings Services said today that it has lowered its issue-level rating on Goodyear Dunlop Tires Europe B.V.'s (GDTE's) 250 million senior unsecured notes to '##' from '##+' and revised its recovery rating on the notes to '3' from '2'. The '3' recovery rating indicates our expectation of meaningful recovery (50%-70%; upper half of the range) in the event of a default. All of our other issue-level and recovery ratings on The Goodyear Tire & Rubber Co. remain unchanged. Our recovery ratings on unsecured debt issued by corporate entities that we rate '##-' or higher are generally capped at '3' to account for the risk that their recovery prospects are at a greater risk of being impaired by the issuance of additional priority or pari passu debt prior to default. We had previously not applied this cap to the 250 million senior unsecured notes given our valuation of GDTE, the amount of value available to the unsecured notes, and the...
