On March 18, 2005, Standard&Poor's Ratings Services assigned its 'B-' rating and '5' recovery rating to Goodyear Tire&Rubber Co.'s $300 million senior secured third-lien term loan, indicating the likelihood that lenders will realize marginal to negligible (25% or less) recovery of principal in the event of payment default. At the same time, the 'B+' corporate credit rating on Goodyear Tire&Rubber 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 new term loan will be used for working capital and general corporate purposes, which will enhance Goodyear's liquidity and financial flexibility. The ratings on Goodyear reflect
