NEW YORK (S&P Global Ratings) Nov. 7, 2016--S&P Global Ratings today affirmed its 'B-' issue rating on Rochester, N.Y.-based commercial imaging solutions provider Eastman Kodak Co.'s first-lien secured credit facilities and revised the recovery rating to '4' from '3' as a result of Kodak's announced intention to repay all second-lien debt with proceeds from the issuance of $200 million of convertible preferred stock. The '4' recovery rating indicates our expectation for average (30%-50%, at the lower end of the range) recovery in the event of default. The corporate credit rating on Kodak and all issue-level ratings on its debt are unchanged. We believe that the new preferred stock has limited ability to absorb losses in the event of a future
