Passenger Tire sizing is typically displayed as:
P215/65R15 89H
The speed rating of any tire is a measurement of the top safe speed the tire can carry a load under specified conditions. It is also an indication of how the tire will handle at lower speeds. A higher rated tire will give you better traction and improved steering response even at 50mph.
Below is a listing of common speed ratings:
Q = 99 MPH, 160km/h
S = 112 MPH, 180km/h
T = 118 MPH, 190km/h
U = 124 MPH, 200km/h
H = 130 MPH, 210km/h
V = 149 MPH, 240km/h
Z = 149 MPH, 240km/h and over
W = 168 MPH, 270km/h
Y = 186 MPH, 300km/h
It is not recommended to downgrade your tires to a lower speed rating than of the OEM tires that came with your vehicle at the time of purchase. Doing so can effect the handling of the car, and in an emergency situation that can be dangerous. Also, never mix tires with different speed ratings on your vehicle.

Here are some other markings you may find on your tire's sidewall:
Indicates a Severe Snow Conditions rating. Tires bearing this symbol will provide snow performance superior to tires only bearing the M+S symbol. These are the safest tires for any kind of winter driving. Some ski resorts will not even let you up their mountain if you do not have this symbol on your tires.Below is a quick legend to notations describing the appearance of the tire's sidewall.
BCS BLACK CIRCUMFERENCIAL SERRATION
BL BLACK LETTERS
BSL BLACK SERRATED LETTERS
BSB BROKEN SERRATED BAND
ENWL EXTRA NARROW WHITE LETTERS
ROBL RAISED OUTLINED BLACK LETTERS
OWL OUTLINED WHITE LETTERS
OBL OUTLINED BLACK LETTERS
OGL OUTLINED GOLD LETTERS
ORBL OUTLINED RAISED BLACK LETTERS
ORWL OUTLINED RAISED WHITE LETTERS
RBL RAISED BLACK LETTERS
RWL RAISED WHITE LETTERS
RRBL RECESSED RAISED BLACK LETTERS
SBL SERRATED BLACK LETTERS
SRBL SERRATED RAISED BLACK LETTERS
SOWL SLANTED OUTLINED WHITE LETTERS
SVSB SLANTED VERTICAL SERRATED BAND
VSB VERTICAL SERRATED BAND
WL WHITE LETTERS
WS WHITE STRIPE
WW WHITE WALL
The Uniform Tire Quality Grading rating is a quality rating system developed by the American Department of Transportation. It is designed to tell consumers the relative performance of passenger tires (but does not apply to winter tires).
Below is an example of a UTQG Rating:
150A B
The "150" indicates the treadwear rating
the "A" indicates traction
the "B" indicates temperature
The Treadwear rating is based on a wear test performed on a 400 mile government test course covering specified sections of public roads in Texas. A group of not more than 4 test vehicles travels the course in a convoy so that all tires experience the same conditions. Tread groove depths of the tires being tested are measured after each 800 miles. The same procedure is followed for a set of "control" or "course monitoring tires" Upon the completion of the 7200 mile test, the rating results of both tires are compared, and the tires being tested are assigned a treadwear rating according to government standards. This number can be used to compare between tires. In the above example, this tire rated 150 should last 1/2 as long as a tire rated 300. The relative performance of tires depends upon the actual conditions of their use and may be significantly different from the norm due to differences in road characteristics and climate.
The Traction ratings are AA, A, B, and C, from highest to lowest. This measurement indicates a tires ability to stop in a straight line on wet pavement. The rating is based on a 40mph test where the brakes are "locked up" on wet asphalt and wet concrete surfaces. It's important to remember that this rating does not indicate the tires ability to resists hydroplaning, and do not apply to cornering traction.
Temperature ratings are determined by running tires on an indoor roadwheel test under specified conditions. Successive 30 minute runs are made in 5mph increments starting at 75mph and continuing until the tires fails. Tires with an A rating must withstand at least 114mph, B at least 99mph, and C at least 85mph. These measurements indicate the tire's ability to sustain high temperatures which often cause tires to wear away quickly or in extreme conditions lead to sudden tire failure.