U.S.-based medical and dental imaging systems provider Carestream Health Inc. has announced its intention to refinance its existing debt and pay up to a $750 million dividend to the equity sponsor. We are assigning our 'B+' rating to the company's proposed $2 billion first-lien credit facility and a 'B-' issue rating to the proposed $500 million second-lien term loan. The 'B+' corporate credit rating on Carestream remains on CreditWatch with negative implications. If the transaction closes as planned, we would expect to lower the corporate credit rating by one notch to 'B', with a stable outlook. On May 29, 2013, Standard&Poor's Ratings Services assigned its 'B+' issue rating to Rochester, N.Y.-based Carestream Health Inc.'s proposed $2 billion first-lien
