NEW YORK (Standard&Poor's) June 25, 2008--Standard&Poor's Ratings Services said today that Eastman Kodak Co.'s (B+/Stable /--) announcement that its board of directors has authorized a $1 billion stock repurchase program does not affect the ratings or outlook on the company at this time. Eastman Kodak's last share repurchase program was completed in 2001. The company received a $581 million federal tax refund, of which it expects to retain $575 million after state income taxes, and intends to use these proceeds to partially fund the share repurchases. The balance will be funded with cash on hand. Eastman Kodak had $2.2 billion of cash on hand at March 31, 2008. At March 31, 2008, the company had $1.6
