NEW YORK (Standard&Poor's) June 12, 2003--Standard&Poor's Ratings Services said today that it has assigned its 'BBB' rating to chemicals producer Eastman Chemical Co.'s $250 million senior unsecured notes due 2008. Standard&Poor's said that at the same time it affirmed its 'BBB'/'A-2' long- and short-term corporate credit ratings on the Kingsport, Tenn.-based company. The outlook remains stable. "Despite difficult business conditions and a still-subpar financial profile relative to expectations at the current ratings, credit quality is supported by management's focus on improving cash flow protection measures, the potential for meaningful debt reduction with asset sale proceeds, and the expectation for a gradual trend of improvement to overall operating results," said Standard&Poor's credit analyst
