Goodyear Comments on Ratings Agencies Announcements

AKRON, Ohio, March 20 -- The Goodyear Tire & Rubber Company said ratings announcements issued today by Standard & Poor's Ratings Services and Moody's Investor Services accurately reflect information about the terms of proposed credit facilities the company provided to the rating agencies, in connection with its ongoing discussions with bank lenders to restructure, refinance and extend its loan agreements.

"Goodyear requested that the agencies assign ratings to the credit facilities that have been proposed in our discussions," said Robert W. Tieken, executive vice president and chief executive officer. "It is important to note, however, that the terms of these facilities are subject to change."

The company does not expect to disclose any changes in the terms that are being discussed, he continued, until after the agreements are completed, when the final terms will be announced.

With the successful completion of these discussions, Tieken said Goodyear expects to have adequate liquidity to meet its financial obligations.

Although the Moody's action gives the company's bank lenders the right to terminate its United States accounts receivable credit facility, Goodyear believes that due to ongoing discussions with these lenders, it will continue to have access until agreements are finalized, at which time it intends to retire the facility.

Additionally, Goodyear believes Moody's ratings action will not affect the availability of approximately $349 million in its various European accounts receivable facilities, except for $105 million in its German program.

The collateralization of Goodyear's restructured bank facilities, discussed in the ratings agencies announcements, will not require the company to secure any of its publicly traded debt, except approximately $100 million of Swiss Franc denominated bonds, which will share in liens on certain U.S. manufacturing facilities.

Goodyear is the world's largest tire company. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries around the world. Goodyear employs about 92,000 people worldwide.

Certain information contained in this press release constitutes forward- looking statements for purposes of the safe harbor provisions of The Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by such forward-looking statements as a result of various economic, financial and industry factors including without limitation the company's ability to implement its cost-cutting plans and achieve its sales targets. Additional factors that may cause actual results to differ materially from those indicated by such forward looking statements are discussed in the company's Form 10-K for the year ended Dec. 31, 2001 and Form 10-Q for the quarter ended Sept. 30, 2002, which are on file with the Securities and Exchange Commission. In addition, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, even if our estimates change.