On Sept. 11, 2007, Standard&Poor's Ratings Services affirmed its 'B+' corporate credit rating on Eastman Kodak Co. (Kodak), and removed the ratings from CreditWatch, where they had been placed with negative implications on Aug. 2, 2006. The outlook is negative. At the same time, we raised the ratings on the company's $1 billion senior secured revolving credit facility to 'BB,' two notches above the corporate credit rating, from 'B+', and revised the recovery rating to '1,' reflecting the expectation of very high (90%-100%) recovery in the event of a payment default, from '2' following an analysis of the collateral pledged to the remaining $1 billion revolving credit facility. We have affirmed the ratings based on our comfort that
