NEW YORK (Standard&Poor's) Feb. 24, 2010--Standard&Poor's Ratings Services today assigned its ratings to Eastman Kodak Co.'s $400 million second-lien senior secured notes due 2018. We rated the notes 'B-' (at the same level as the 'B-' corporate credit rating on the company) with a recovery rating of '3', indicating our expectation of meaningful (50% to 70%) recovery for noteholders in the event of a payment default. (For the recovery analysis, see Standard&Poor's recovery report on Eastman Kodak, to be published on RatingsDirect as soon as possible following the release of this report.) The company plans to use net proceeds to repurchase its existing $300 million second-lien notes due 2017 and about $100 million of
