On July 27, 2004, Standard&Poor's Ratings Services assigned a 'B+' secured debt rating and a '2' recovery rating to The Goodyear Tire&Rubber Co.'s proposed $500 million senior secured funded credit facility. The senior secured and recovery ratings indicate a strong likelihood of substantial recovery of principal (80% to 100%) in the event of a default or bankruptcy. At the same time, Standard&Poor's affirmed the 'B+' corporate credit rating on Akron, Ohio-based Goodyear. The company has total debt of about $6 billion (including operating leases and sold accounts receivable) and underfunded employee benefit obligations of $5.8 billion. The outlook is stable. The new facility will replace Goodyear's existing $680 million revolving credit facility and will
