On March 20, 2003, Standard&Poor's Ratings Services assigned ratings to Akron, Ohio-based Goodyear Tire&Rubber Co.'s $3.3 billion of senior secured credit facilities, based on a review of proposed terms and conditions (see table of ratings below). At the same time, the 'BB-' corporate credit rating on the company was affirmed. Tire manufacturer Goodyear has total debt of about $5 billion. The ratings outlook is negative. Goodyear is establishing three separate bank-financing arrangements, each with largely separate collateral packages. The proposed $3.3 billion credit facilities include a $1.3 billion asset-based loan (ABL) facility, a $1.35 billion U.S. facility, and a $650 million European facility. The ABL facility is rated two notches above the corporate credit rating, reflecting
