...- The Goodyear Tire & Rubber Co.'s (Goodyear) recently announced several strategic initiatives, including asset sales, increased restructuring and mix optimization over the next two years to improve profitability, and planned debt paydown. - While we view the strategic initiatives as a positive step forward for Goodyear as it tries to increase margins closer to peers and reduce leverage, the cost of the restructuring is significant and will take an extended period of time, during which we expect Goodyear's margins will be lower and free operating cash flow (FOCF) will remain negative, leading to overall weaker credit metrics than previously expected. - As a result, S&P Global Ratings lowered its issuer credit rating (ICR) on Goodyear and its issue-level ratings on the company's debt to 'B+' from '##-'. The outlook is stable. - The stable outlook reflects our expectation that despite expected negative free cash flow over the next couple years, the company will maintain strong liquidity,...
