During the third quarter, The Goodyear Tire&Rubber Co. benefitted from a recovery in global tire demand. The higher volume and ongoing measures to reduce costs and increase operational efficiency contributed to a return to profitability and a significant increase in free cash flow. S&P Global Ratings is removing its ratings on Goodyear from CreditWatch, where they were placed on May 13, 2020, with negative implications. We are affirming our 'B+' issuer credit rating and all issue-level ratings. The negative outlook reflects at least a one-third chance we will lower the ratings if the company's liquidity weakens significantly over the next 12 months due, for instance, to another round of plant shutdowns in response to the coronavirus pandemic. NEW
