Solid market shares in the U.S., Europe, and Latin America; Diverse tire product line, extensive distribution, and strong brand recognition; Successful new product introductions; Favorable new U.S. labor contract designed to address postretirement health care; and Improved profitability during the past two years. Need to further improve profitability of North American operations; Still-large, underfunded employee benefit obligations; Intense competition from large mass producers and smaller, more focused domestic and international players; Exposure to volatile raw material and energy prices; The ratings on Akron, Ohio-based Goodyear Tire&Rubber Co. reflect its aggressive financial risk profile, characterized by low, but improving, earnings in North America; a leveraged capital structure; and significant, albeit declining, underfunded employee benefit liabilities. These factors more than
