On June 28, 2004, Standard&Poor's Ratings Services 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. 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. The outlook is stable. The ratings reflect Goodyear's very weak financial profile, characterized by weak cash flow generation, poor earnings, onerous debt maturities, and heavy underfunded employee benefit liabilities. These factors more than offset the company's business strengths, including its position as one of the three
