Reply #85: S&P cuts Eastman Kodak deeper into junk [View All]

[UpInArms]

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-10-20T181511Z_01_WNA0599_RTRIDST_0_LEISURE-KODAK-SANDP-URGENT.XML

NEW YORK, Oct 20 (Reuters) - Standard & Poor's on Thursday downgraded Eastman Kodak Co. (EK.N: Quote, Profile, Research) deeper into junk territory, citing reduced confidence with the company's profitability and cash flow prospects.

The downgrade reflects "ongoing and rapid deterioration of its traditional consumer imaging business, the unproven profit potential of its emerging digital imaging businesses, high cash restructuring costs, and economic uncertainty," S&P said.

S&P lowered Kodak's corporate credit and secured bank loan ratings one notch to "B-plus," four levels below investment grade. The credit ratings agency also lowered Kodak's senior unsecured debt one notch to "B," its fifth highest junk rating.

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