Fitch raises Goodyear rating on debt reduction

Newswire

NEW YORK, May 29 (Reuters) - Fitch Ratings on Tuesday raised its ratings on Goodyear Tire & Rubber Co. , citing the tire maker's use of asset and share sales to reduce its debt. Goodyear recently sold around $834 million in common stock and used the proceeds to redeem $175 million in bonds, Fitch said in a statement. The company has also announced it will sell its Engineered Products business for nearly $1.5 billion. "The proceeds from both transactions strengthen Goodyear's ...

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