NEW YORK (Standard&Poor's) Oct. 6, 2003--Standard&Poor's Ratings Services said today that it has lowered its short-term corporate credit and commercial paper ratings on Eastman Chemical Co. to 'A-3' from 'A-2' and revised its outlook on the company to negative from stable, citing the announcement of a restructuring charge, the company's subpar financial profile relative to ratings expectations, and ongoing business challenges that have delayed the expected progress in reducing Eastman's sizable debt burden. At the same time, Standard&Poor's said that it affirmed its 'BBB' long-term corporate credit rating on the company. Kingsport, Tenn.-based Eastman has about $5.6 billion of annual sales and approximately $2.3 billion of outstanding debt (prior to adjustments to capitalize operating
