NEW YORK (Standard&Poor's) June 20, 2005--Standard&Poor's Ratings Services said today that it assigned its 'B-' rating to Goodyear Tire&Rubber Co.'s proposed $400 million senior notes due 2015. At the same time, the 'B+' corporate credit rating on the company was affirmed. Akron, Ohio-based Goodyear has total debt of about $6.6 billion and $6.3 billion of underfunded employee benefit liabilities. The ratings outlook is stable. Proceeds from the notes will be used partly to repay borrowings under the company's U.S. secured credit facility and to replenish cash used to repay other debt. "The ratings on Goodyear reflect the company's stressed financial profile, characterized by low earnings in North America, a highly leveraged capital structure, and
