NEW YORK (Standard&Poor's) Feb. 22, 2007--Standard&Poor's Ratings Services said today that its ratings and outlook on Eastman Chemical Co. (BBB/Stable/A-2) will not change following Eastman's announcement of a new $300 million share repurchase program. Share repurchases will be funded with available cash (the company's cash balance was $939 million at year-end 2006) and may be suspended or discontinued at any time. Although any share repurchases would lessen cash available to fund Eastman's ambitious capital spending program during the next few years and reduce flexibility in cyclical downturns, we continue to expect capital projects to be funded with internal cash flow and cash on hand. Preliminary information indicates that Eastman's funds from operations to total adjusted debt
