NEW YORK (Standard&Poor's) July 21, 2004--Standard&Poor's Ratings Services said today that its ratings and outlook on Eastman Kodak Co. (BBB-/Negative/A-3) remain unchanged following Kodak's report of higher second-quarter earnings. Revenue increased 6% as strong digital products and services sales growth, acquisitions, and favorable foreign exchange, more than offset declines in its traditional photography businesses. The sales gains and cost reductions produced a healthy 25% increase in EBITDA before restructuring, impairment, and other charges. Kodak's cash flow forecast and full year debt reduction target of up to $800 million remain unchanged, and the pending sale of its non-core Remote Sensing Systems unit will further boost its cash and near-term debt reduction capacity. Even so, the negative outlook
