Solid market share in the U.S. and Europe, Diverse product offerings with strong brand recognition, Changes in the leadership team with a focus on productivity and operational improvements, and Global geographic diversity. Intermediate-term liquidity challenges, Exposure to cyclicality of original equipment manufacturer demand, Competitive end markets exhibiting intense pricing pressure, Exposure to volatile raw material prices, and Weak profitability and declining cash flow protection. The ratings reflect the Goodyear Tire&Rubber Co.'s solid market position, offset by exposure to a highly competitive and cyclical industry, an aggressively leveraged capital structure, weak cash flow protection, and looming cash needs in 2004 and 2005. Goodyear is the world's largest tire manufacturer, supplying both the replacement and original equipment segments of the
