fbpx
SA Treads
Advertisement
  • Home
  • Advertise
  • About SA Treads
  • From the Editor
  • International
  • Southern Africa
  • SATreads Digital Issue
  • Podcast
  • Contact Us
No Result
View All Result
  • Home
  • Advertise
  • About SA Treads
  • From the Editor
  • International
  • Southern Africa
  • SATreads Digital Issue
  • Podcast
  • Contact Us
No Result
View All Result
SA Treads
No Result
View All Result
Home International

Moody’s downgrades Goodyear’s credit rating

Liana Shaw by Liana Shaw
May 9, 2019
in International
0
0
SHARES
22
VIEWS
Share on FacebookShare on Twitter

Moody’s Investors Service downgraded the ratings of The Goodyear Tire & Rubber Company including the corporate family and probability of default ratings to Ba3 from Ba2, and Ba3-PD from Ba2-PD, respectively.

In a related action, Moody’s downgraded Goodyear’s senior secured second-lien term loan, to Ba1 from Baa3; senior unsecured guaranteed notes to B1 from Ba3, senior unsecured unguaranteed notes to B2 from B1; and on Goodyear Europe B.V.’s senior unsecured guaranteed notes to Ba2 from Ba1. The Speculative Grade Liquidity Rating is downgraded to SGL-3 from SGL-2. The rating outlook is stable.

Moody’s says the downgrade reflects its view that the company’s pricing actions, rationalisation initiatives in Germany and other cost savings programs initiated to help mitigate ongoing elevated raw material cost pressures could be effective over the longer term, but are unlikely to restore debt/EBITDA to below three times, or EBITA/Interest to above three times, over the intermediate term. Moody’s says it believes these actions will help mitigate raw material cost headwinds of approximately $300 million expected by Goodyear in 2019.

Tags: Goodyear Tire & Rubber CompanyMoody's
Previous Post

Fraunhofer Institutes develops synthetic rubber ‘BISYKA’ for tyre manufacturing

Next Post

U.S. To Hike Tariffs 25% on $200 Billion Worth of Chinese Imports

Liana Shaw

Liana Shaw

Next Post

U.S. To Hike Tariffs 25% on $200 Billion Worth of Chinese Imports

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest

14 of the best car tyres for 2019

May 6, 2019
Diversity, inclusion and new face of business – An exclusive with Jacques Fourie

Diversity, inclusion and new face of business – An exclusive with Jacques Fourie

Sep 14, 2020
Bridgestone to suspend manufacturing activities in and export to Russia

Bridgestone to suspend manufacturing activities in and export to Russia

Mar 14, 2022
SA Treads Digital Dec./Jan. 2021  – Release

SA Treads Digital Dec./Jan. 2021 – Release

Dec 15, 2020
Diversity, inclusion and new face of business – An exclusive with Jacques Fourie

Diversity, inclusion and new face of business – An exclusive with Jacques Fourie

4
SUPAQUICK ON AGGRESSIVE EXPANSION PROGRAMME POTENTIAL

SUPAQUICK ON AGGRESSIVE EXPANSION PROGRAMME POTENTIAL

4
MIND THE POTHOLE! – By Liana Shaw

MIND THE POTHOLE! – By Liana Shaw

4

Vipal Rubber celebrates 15 years of partnership with Tyre & Retread Supplies in SA

3
A share of R1.5 million up for grabs with Dunlop Tyres this winter 

A share of R1.5 million up for grabs with Dunlop Tyres this winter 

Jun 24, 2022
Relentless performance at Goodyear’s biggest 24 Hours of Le Mans since comeback

Relentless performance at Goodyear’s biggest 24 Hours of Le Mans since comeback

Jun 23, 2022
Vishal Premlall to head up TEPA

Vishal Premlall to head up TEPA

Jun 22, 2022
Vipal’s exclusive tread receives 3PMSF certification

Vipal’s exclusive tread receives 3PMSF certification

Jun 21, 2022

Recent News

A share of R1.5 million up for grabs with Dunlop Tyres this winter 

A share of R1.5 million up for grabs with Dunlop Tyres this winter 

Jun 24, 2022
Relentless performance at Goodyear’s biggest 24 Hours of Le Mans since comeback

Relentless performance at Goodyear’s biggest 24 Hours of Le Mans since comeback

Jun 23, 2022
Vishal Premlall to head up TEPA

Vishal Premlall to head up TEPA

Jun 22, 2022
Vipal’s exclusive tread receives 3PMSF certification

Vipal’s exclusive tread receives 3PMSF certification

Jun 21, 2022

Recent News

A share of R1.5 million up for grabs with Dunlop Tyres this winter 

A share of R1.5 million up for grabs with Dunlop Tyres this winter 

Jun 24, 2022
Relentless performance at Goodyear’s biggest 24 Hours of Le Mans since comeback

Relentless performance at Goodyear’s biggest 24 Hours of Le Mans since comeback

Jun 23, 2022

Download Latest SATreads Digital Magazine

  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2020 - SA Treads news & tyre portal

No Result
View All Result

© 2020 - SA Treads news & tyre portal