S&P: Goodyear unaffected

Goodyear Tire & Rubber Co. (BB-/Watch negative/--) announced Tuesday that it has taken disciplinary actions against several senior managers stemming from an investigation of improper accounting in its European operations, and, separately, that the company will reduce its shareholder's equity by a relatively modest $23 million because of an understatement of workers' compensation claims.

Standard & Poor's said the announcement would not immediately affect its credit rating or outlook on Goodyear.

Ratings on Goodyear remain on CreditWatch with negative implications, where they were placed Dec. 11, 2003, following the company's announcement that an internal investigation had identified possible improper accounting issues in its European operations. The investigation has been expanded to include other overseas operations of the company.

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