On May 31, 2007, Standard&Poor's Ratings Services raised its ratings on Goodyear Tire&Rubber Co., including its corporate credit rating to 'BB-' from 'B+'. In addition, the ratings were removed from CreditWatch where they were placed with positive implications on May 10, 2007. Recovery ratings were not on CreditWatch. The upgrades reflect the company's completion of its equity offering with net proceeds of approximately $834 million. Proceeds will be used to repay approximately $175 million of its 8.625% notes due in 2011 and approximately $140 million of its 9% notes due in 2015. We expect some of the remaining proceeds would be used to repay other debt. The equity offering is another step in Goodyear's continuing trend
