On Oct. 7, 2003, Standard&Poor's Ratings Services affirmed its 'BBB-' long-term and 'A-3' short-term ratings on Eastman Kodak Co. At the same time, Standard&Poor's assigned its 'BBB-' rating to Kodak's proposed Rule 144A $500 million in convertible senior unsecured notes due 2033 and its proposed shelf drawdown of $500 million in senior unsecured notes due 2013. The current outlook is stable. The Rochester, N.Y.-based photography firm had $2.99 billion in debt on June 30, 2003. The use of the proceeds and the size of the transactions, including the potential to increase the convertible offering by $75 million, are consistent with Standard&Poor's expectations. Borrowings will be used to reduce Kodak's commercial paper balances by about
