On Sept. 25, 2003, Standard&Poor's Ratings Services lowered its long-term and short-term corporate credit ratings on Eastman Kodak Co. to 'BBBû' and 'A-3' from 'BBB' and 'A-2', respectively, and removed them from CreditWatch. The current outlook is stable. The Rochester, N.Y.-based photography firm had $2.99 billion in debt on June 30, 2003. The downgrades reflect concern about Kodak's earnings and business profile due to declining prospects for its core conventional imaging businesses as these markets transition to digital technologies; doubts about the profit potential of digital imaging relative to conventional photography; and the need to reduce debt which remains elevated given Kodak's rising business risk and investment strategies. The stable outlook reflects Standard&Poor's expectation that Kodak's
