Fitch: Goodyear outlook stable

Fitch Ratings said it affirmed Goodyear Tire & Rubber Co.'s senior unsecured rating at CCC+ and the senior secured bank facilities at B. The outlook has been revised to stable from negative.

While the Securities and Exchange Commission's investigation of accounting irregularities at Goodyear continues, restated financial statements have recently been filed for the affected historical periods. The accounting restatements resulted in total reductions in net income of $280.8 million over several of the affected periods.

Fitch said liquidity was not affected by the outcome. Furthermore, filing and disclosure of results and statements for the quarter ended March 31, 2004 and fiscal year ended Dec. 31, 2003 places Goodyear in compliance with the bank credit agreements.

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