NEW YORK (Standard&Poor's) Dec. 24, 2002--Standard&Poor's Ratings Services said today it lowered its corporate credit rating on Goodyear Tire&Rubber Co. to 'BB-' from 'BB+'. At the same time, the rating on the company's $1.3 billion senior bank facility and other senior unsecured debt was lowered to 'BB-' from 'BB+'. All ratings on the company were removed from CreditWatch, where they were placed Oct. 31, 2002. The outlook is now negative. The Akron, Ohio-based company's 'B' commercial paper rating was withdrawn. Total debt was about $5 billion at Sept. 30, 2002. The rating actions reflect Standard&Poor's concerns regarding Goodyear's timely execution of its plan to improve profitability in its North American tire operation.
