NEW YORK (Standard&Poor's) Feb. 23, 2012--Standard&Poor's Ratings Services said today that it has assigned its 'B+' issue-level rating on Akron, Ohio-based The Goodyear Tire&Rubber Co.'s proposed $700 million in senior unsecured notes due May 15, 2022. At the same time, we assigned our recovery rating of '5' to the notes, indicating our expectation that lenders would receive modest recovery (10%-30%) in the event of a payment default. Net proceeds of this offering, together with cash and cash equivalents, will be used to redeem all of the company's $650 million 10.5% senior notes due 2016, at a redemption price of 100% of the principal amount plus a premium as well as accrued and unpaid interest
