On Nov. 3, 2008, Standard&Poor's Ratings Services placed its 'B+' corporate credit rating, as well as its issue-level ratings, for Rochester, N.Y.-based Eastman Kodak Co. on CreditWatch with negative implications. The CreditWatch placement reflects the company's significant downward revision in revenue, earnings, and cash flow guidance. Kodak had $1.3 billion in debt as of Sept. 30, 2008. The company reduced its full-year 2008 earnings from operations guidance to a range of $200 million to $250 million, from $400 million to $500 million, on its revised expectation of revenue decline between 3% and 5%. Kodak is assuming a 16% to 18% decline in its traditional business in full-year 2008 and digital revenue growth of only 1% to 4%. The
