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December 12, 2003 01:00 AM

Analyst cautious on Goodyear

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    NEW YORK (Dec. 12)—Goodyear's stock was labeled a high-risk investment by Saul Rubin, an analyst with New York-based UBS Warburg L.L.C., following the company's Dec. 10 announcement that it will delay the restatement of its 10-K until an investigation into possible accounting irregularities in Europe is complete.

    Rubin said the tire maker's rating is now under review. He noted that an investment in Goodyear at this time is risky because "it is sure to batter the company's reputation—or what is left of it."

    By delaying the restatement of its 10-K, plans for a bond offering will be pushed into 2004 and "Goodyear needs to tap capital markets soon to be able to run operations effectively," he said. "Even if the current review has few material financial consequences, there is no certainty that the window of opportunity to do a deal will remain open for much longer."

    UBS Warburg recently upgraded Goodyear on the promise a sizable bond offering was close at hand, he said, "and would inject extra life into the company. With the bond offering on ice, perhaps in jeopardy, we will reconsider our position."

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