NEW YORK (Standard&Poor's) June 28, 2004--Standard&Poor's Ratings Services said today that it assigned its 'B-' rating to Goodyear Tire&Rubber Co.'s $150 million convertible senior notes due 2034 and affirmed the 'B+' corporate credit rating on the company. Proceeds from the new debt issue will be used for general corporate purposes. The outlook is stable. Akron, Ohio-based Goodyear has total debt of about $6 billion (including operating leases and sold accounts receivable) and $5.8 billion of underfunded employee benefit obligations. "Upside rating potential is limited by an onerous debt burden, large near-term cash obligations, and weak earnings," said Standard&Poor's credit analyst Martin King. "Downside risk is limited by improving market fundamentals, expectations of
