On April 15, 2003, Standard&Poor's Ratings Services revised its outlook on Eastman Kodak Co. to negative from stable and affirmed its 'BBB+' corporate credit rating on the company. The outlook revision is based on concerns about the company's growing unfunded pension and other postretirement benefit obligations. The ratings on Kodak reflect its leading position in the U.S. and global markets for its traditional photography products and services, its good geographic diversity (more than half its revenue is generated outside of the U.S.), its moderate financial profile, and its commitment to further debt reduction over the next few years. The ratings also incorporate the challenges Kodak faces due to tough competitive conditions and the risks associated with the migration
