NEW YORK (Standard&Poor's) March 7, 2003--Standard&Poor's Ratings Services said today it placed its 'BB-' rating on certain of Goodyear Tire&Rubber Co.'s senior unsecured debt on CreditWatch with negative implications. The CreditWatch placement reflects a likely significant increase in the proportion of secured debt in the company's balance sheet once current bank financing negotiations are completed. At the same time, Standard&Poor's affirmed its 'BB-' corporate credit rating and negative outlook on Goodyear. Goodyear is expected to close on its secured bank facilities in late March or early April 2003. The new, secured facilities would effectively rank senior to the unsecured notes. The unsecured notes would likely be lowered to one notch below the
