S&P downgrades Goodyear's rating Company to continue cost-cutting plans

摘要

Goodyear will continue to cut costs and "get lean" despite disappointment over Standard & Poor Corp.'s recent decision to down-grade the tire maker's debt rating. Standard & Poor's reduced the Akron tire maker's rating by two levels on Jan. 18 to "BB+" from "BBB". The move palces the company's senior unsecured debt into a tenuous area - most often referred to as "junk" - that leaves serious questions about Goodyear as an investment opportunity and the firm's cost of borrowing.