On April 2, 2003, Standard&Poor's Ratings Services lowered its ratings on certain senior unsecured debt of Goodyear Tire&Rubber Co. to 'B+' from 'BB-' and removed the ratings from CreditWatch, where they were placed March 7, 2003. At the same time, Standard&Poor's affirmed its 'BB-' corporate credit rating and negative outlook on Akron, Ohio-based Goodyear. The downgrade on the senior unsecured notes reflects Goodyear's announcement that it closed on $3.3 billion in secured credit facilities, resulting in a significant increase in the proportion of secured debt in the company's balance sheet. The company has about $5 billion of total debt outstanding. The new, secured facilities effectively rank senior to the unsecured notes. The unsecured notes
