Standard&Poor's said today that its ratings on Goodyear Tire&Rubber Co. (BB+/Stable/B) were unaffected by the company's subpar fiscal 2002 first quarter earnings report. Goodyear reported a first quarter 2002 net loss of $63 million compared with a $47 million net loss for the same period past year. Results were adversely affected by a charge related to inventory returns, production cutbacks in the fourth quarter of 2001 (resulting from inventory liquidation programs and ongoing industry weakness in retail tire demand in North America and other key markets), and a charge related to Argentina's foreign currency devaluation. Although Goodyear's first quarter results fell significantly below the expectations, the ratings incorporate an expectation that operating performance will remain under
