NEW YORK (Standard&Poor's) March 9, 2011--Standard&Poor's Ratings Services today assigned Eastman Kodak Co.'s new $200 million senior secured notes due 2019 its preliminary issue-level rating of 'CCC' (at the same level as the 'CCC' corporate credit rating on the company). The preliminary recovery rating on this debt is '4', indicating our expectation of average (30% to 50%) recovery for lenders in the event of a payment default. Proceeds of the notes will be used for general corporate purposes. In addition, if the company completes the contemplated transaction, we would likely revise our recovery rating on the existing $500 million second-lien notes due 2018 to '4' from '3' (50% to 70% recovery expectation), subject to our review
