Eastman Kodak has reported three consecutive quarters of negative free cash flow in 2017 and negative free cash flow in every fiscal year since emerging from bankruptcy protection in 2013. Furthermore, cash balances have declined considerably to approximately $342 million as of Sept. 30, 2017, from over $800 million at the time of emergence. We are lowering our corporate credit rating on Kodak to 'CCC+' from 'B-', based on our view that the firm's limited prospects for free cash flow generation render its current capital structure unsustainable. In addition, we are lowering our issue-level rating on the firm's existing first-lien secured term loan to 'CCC+' from 'B-'. The recovery rating is unchanged at '3'. The negative outlook is based on
