On Nov. 26, 2003, Standard&Poor's Ratings Services revised its outlook on Eastman Kodak Co. to negative from stable. At the same time, Standard&Poor's affirmed its 'BBB-' long-term and 'A-3' short-term corporate credit ratings on the company. The Rochester, N.Y.-based photography firm had $2.9 billion in debt on Sept. 30, 2003. The outlook revision reflects Standard&Poor's expectation that Kodak's acquisition pace may outstrip its cash flow generation and preclude the company from gradually reducing gross debt in the near term, which was essential to maintaining a stable outlook. Kodak is executing the acquisition strategy it unveiled on September 25 more rapidly than Standard&Poor's had expected. This is likely to continue as Kodak seeks
