On Nov. 18, 2008, Standard&Poor's Ratings Services said its ratings on The Goodyear Tire&Rubber Co. remain on CreditWatch with negative implications, where they were placed Nov. 13, 2008 (along with those of a number of other suppliers), as a result of the company's exposure to General Motors Corp. (CCC+/Negative/--), Ford Motor Co. (B-/Watch Neg/--), and Chrysler LLC (CCC+/Negative/--). The Michigan-based automakers are increasingly beleaguered by a worsening economy, a shift in consumer preferences away from full-size SUVs and pickup trucks, and faster-than-expected cash burn as they attempt to adjust productive capacity with demand. Although Goodyear's global exposure to the Michigan-based original equipment manufacturers was less than 8% in 2007 and continues to fall, we believe the
