On March. 5, 2009, Standard&Poor's Rating Services lowered its ratings on Eastman Kodak Co., including lowering the corporate credit rating to 'B-' from 'B.' We removed the corporate credit rating from CreditWatch, where it was placed with negative implications on Nov. 3, 2008. The outlook is negative. The downgrade reflects the company's high rate of cash consumption and concern that its cash balance could quickly diminish if substantial negative discretionary cash flow generation does not abate. The issue-level ratings remain on CreditWatch with negative implications, pending a review of the capital structure after the company addresses its covenant compliance on its secured credit facility with lenders. We believe that the structure of the facility could change as a
