Goodyear “Disappointed” At Rating Downgrade

Goodyear president and COO Robert Keegan said the company was “disappointed” at the decision of Standard & Poor’s Rating Services to lower its rating of Goodyear’s debt by two degrees, from BB+ to BB-. This is the minimum rating required as a condition for borrowing in some cases. Keegan said that Goodyear was “fundamentally sound” and that the company’s plan to improve operational and financial performance was on track, adding that 2003 “will be a transition year for Goodyear.