Eastman Kodak Co., a technology company focused on commercial printing and imaging, has issued and closed its sale of $100 million 5% senior secured convertible notes to Southeastern Asset Management. Concurrent with the closing, Kodak has repaid the approximately $83 million remaining on its outstanding senior secured first-lien term loan facility. This repayment eliminates Kodak's sizable near-term debt maturity and alleviates immediate liquidity constraints. We are raising our issuer credit rating on Kodak to 'CCC+', with a stable outlook, from 'CCC', with a negative outlook, reflecting our view that there is no longer a clear catalyst for default within the next 12 months. We are discontinuing our rating on the repaid term loan. Our stable outlook reflects our expectation that
