On Jan. 30, 2009, Standard&Poor's Ratings Services said that its ratings on Eastman Kodak Co., including the 'B' corporate credit rating, remain on CreditWatch with negative implications, where we initially placed them on Nov. 3, 2008. This CreditWatch update follows the company's announcement of weak fourth-quarter operating performance, discussions with its lenders regarding covenant levels, and a sizable restructuring plan. The global recession, tight credit markets, and unfavorable foreign exchange movements contributed to revenue from digital businesses declining 23% in the quarter. This underperformance heightens our concerns regarding the company's increasing reliance on its digital businesses while its traditional imaging business deteriorates. Revenue for the company's traditional businesses declined 27% in the quarter because of the secular decline
