On March 19, 2004, Standard&Poor's Ratings Services assigned its preliminary 'BBB' rating to Eastman Chemical Co.'s $1 billion Rule 415 shelf registration for senior unsecured debt securities. At the same time, Standard&Poor's affirmed its 'BBB' long-term corporate credit rating, as well as its 'A-3' short-term corporate credit and commercial paper ratings. The company is expected to use future proceeds from the issuance of senior unsecured debt securities from this shelf for general corporate purposes, including the refinancing of existing debt. The rating outlook is negative. As of Dec. 31, 2003, Eastman reported $2.6 billion of total debt outstanding, excluding adjustments to capitalize lease obligations, unfunded post-retirement benefits, and an accounts receivable securitization program. The ratings incorporate
