Goodyear CFO: Company focused on eventually becoming investment grade

By Jennifer Lanning Drey

Savannah, Ga., March 22 - Goodyear Tire & Rubber Co. remains focused on its long-term target of achieving investment-grade credit ratings, chief financial officer Darren Wells said during the company's investor day held Tuesday.

Responding to a question posed following formal remarks, Wells said Goodyear continually evaluates financing alternatives but is fundamentally focused on achieving a balance sheet that supports the strategy of the business.

The company currently has strong liquidity of more than $4 billion and no near-term financing pressures, he noted.

"We view having an investment-grade balance sheet, in the long run, as something that is consistent with what our competitors have," Wells said.

In addition to providing access to cost-effective capital throughout the economic cycle, investment-grade ratings would deliver balance sheet efficiency, he said.

Goodyear is a tire manufacturer based in Akron, Ohio.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.