On March 8, 2005, Standard&Poor's Ratings Services assigned its 'B+' rating and '2' recovery rating to Goodyear Dunlop Tires Europe B.V.'s €505 million senior secured credit facility. The facility is guaranteed by parent Goodyear Tire&Rubber Co. The ratings indicate the likelihood that lenders will realize substantial (80%-100%) 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 $6.8 billion, and $6.0 billion of underfunded employee benefit liabilities. The ratings outlook is stable. The new five-year credit facility replaces Goodyear's existing $650 million European revolving credit facility and term loan, which were due to
