U.S.-based medical and dental imaging systems provider Carestream Health Inc. has proposed a $2.5 billion dividend recapitalization loan. We expect the company to use the proceeds from the transaction to refinance its existing bank debt and to fund a dividend to the equity sponsor. We expect the transaction will likely result in a meaningful increase in financial leverage. We are placing our 'B+' corporate credit rating on CreditWatch with negative implications to reflect the potential for a downgrade if we determine that prospective credit measures are no longer consistent with our expectations for the 'B+' rating. On May 21, 2013, Standard&Poor's Ratings Services placed its 'B+' corporate credit rating on Rochester, N.Y.-based Carestream Health Inc. on CreditWatch with
