Standard&Poor's said today that Goodyear Tire&Rubber Co.'s (BB+/Stable/B) recent earnings announcement in which it reported a net loss for 2001, a limited tire replacement program, and additional restructuring actions has no effect on the company's ratings or outlook. The current ratings incorporate an expectation that operating performance will remain under pressure over the near to intermediate term, but a continued focus on profit improvement and debt reduction will lead to a gradual improvement in credit protection measures. Recently announced restructuring actions, which will focus on the elimination of high-cost tire manufacturing capacity (principally in Europe, Asia and Australia) and a reduction in employment of more than 3,500 people are expected to result in annualized savings in
