On Nov. 6, 2003, Standard&Poor's Ratings Services assigned its 'BBB' rating to Eastman Chemical Co.'s $250 million notes due 2018. Proceeds of the notes, which will be senior unsecured obligations of Eastman, will be used to reduce Eastman's debt due in January 2004. Standard&Poor's said that at the same time it affirmed its existing ratings, including the 'BBB'/'A-3' long- and short-term corporate credit ratings on the Kingsport, Tenn.-based company. The outlook is negative. Eastman has approximately $2.3 billion of outstanding debt (prior to adjustments to capitalize operating leases, accounts receivables sales and post-retirement benefit obligations). The ratings incorporate Eastman Chemical's average business profile, reflecting solid market and cost positions in most of its chemicals, plastics, and
