NEW YORK (Standard&Poor's) March 25, 2011--Standard&Poor's Ratings Services today assigned Eastman Kodak Co.'s new $250 million senior secured notes due 2019 its issue-level rating of 'CCC' (at the same level as the 'CCC' corporate credit rating on the company). The 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. The company used a portion of the proceeds to repurchase $50 million of its 7.25% senior notes due 2013; the balance will be used for general corporate purposes. In addition, we revised our recovery rating on Kodak's existing $500 million second-lien notes due 2018 to '4' from '3' (50% to 70%
