On March 10, 2009, Standard&Poor's Ratings Services revised its outlook on The Goodyear Tire&Rubber Co. to negative from stable and affirmed its 'BB-' corporate credit rating. At the same time, we lowered our issue-level ratings on the company's unsecured debt to reflect revised post-default recovery expectations (see list below). The outlook revision reflects our view that tire demand will continue to decline as economic conditions deteriorate worldwide. In the fourth quarter, Goodyear's sales fell about 20% from those of a year earlier, caused primarily by decreased auto production volumes. Double-digit sales declines occurred in all four geographic segments; the Europe, Middle East, and Africa (EMEA) region showed the largest decline, falling 26% year over year. Sales
