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Goodyear Debt Rating Raised by Standard & Poor's

27 July 1998

Goodyear Debt Rating Raised by Standard & Poor's

    AKRON, Ohio, July 27 -- Standard & Poor's Rating Services has
raised its rating on The Goodyear Tire & Rubber Company's corporate credit and
senior debt to A- from BBB+.  The company's commercial paper rating remains
unchanged at A-2.
    "The upgrade recognizes Goodyear's solid financial position, improved
worldwide capital structures, cost reduction efforts and earnings growth as
well as our strategy to be the best in our industry," said Richard Hauman,
Goodyear vice president and treasurer.
    The rating is Goodyear's highest from S&P since February 1987.
    In May, Duff & Phelps Credit Rating Agency raised its rating on Goodyear's
senior unsecured debt and commercial paper to its highest level since 1987.
    "The rating upgrades reflect the company's continuing strong market
presence in North America, expanding international diversification, continued
success with new product development, ongoing process improvements and good
cash generating ability," S&P said in announcing the latest upgrade.
    "Over the past three years, the company has generated record sales as a
result of strong North American automotive demand, increased demand in other
geographic markets and improved product penetration," S&P said about Goodyear.
    "A broad, well-established distribution network and strong product
development expertise have allowed Goodyear to hold its position in North
America and expand its international presence."  Approximately 47 percent of
Goodyear's sales are generated outside of the United States.
    S&P also said Goodyear's global expansion and technological development
plans will be important to its goals for sales growth.
    Goodyear has said it intends to achieve annual sales in excess of
$20 billion by 2003.
    One of the world's largest tiremakers, Goodyear is North America's largest
rubber company, with sales more than twice that of its nearest competitor.