NEW YORK (Standard&Poor's) Aug. 10, 2010--Standard&Poor's Ratings Services today said it has assigned its 'B+' issue-level rating to The Goodyear Tire&Rubber Co.'s proposed issuance of $750 million in senior unsecured notes due 2020. At the same time, we assigned our recovery rating of '5', indicating our expectation that lenders would receive modest recovery (10% to 30%) in the event of a payment default. Proceeds of this offering, together with current cash and unused availability under existing credit facilities, will be used to repay the company's outstanding balance of $325 million, 8.625% senior notes due Dec. 1, 2011, at 104.313% of the principal amount, plus accrued and unpaid interest. Moreover, Goodyear intends to repay about
