The ratings of Akron, Ohio-based Goodyear Tire&Rubber Co. reflect the company's exposure to a highly competitive industry, an aggressively leveraged capital structure, high fixed costs, weak cash-flow protection, and looming cash needs in 2004 and 2005. These factors are partly mitigated by the company's position as one of the world's largest tire manufacturers, supplying both the replacement and original equipment segments of the industry. Goodyear has reached a tentative agreement with the United Steelworkers of America on a new three-year master contract covering 16,000 employees at 14 plants. Details of the agreement have not been made public, pending ratification of the contract by the affected employees, which could take several weeks. A favorable settlement is critical to Goodyear's
