Moody's cuts Goodyear Tire's long-term rating

Newswire

NEW YORK, March 20 (Reuters) - Moody's Investors Service on Thursday cut its long-term debt ratings on Goodyear Tire & Rubber Co. deeper into junk, citing struggles at the tire maker's largest unit, North American Tire. Moody's cut Akron, Ohio-based Goodyear's senior unsecured debt rating by two notches to "B1," its fourth-highest junk rating, from "Ba2." Rating downgrades usually increase borrowing costs. The outlook is stable. Moody's also assigned a "Ba2" long-term debt rating to ...

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