On April 22, 2005, Standard&Poor's Ratings Services lowered its corporate credit and senior unsecured debt ratings on Eastman Kodak Co. to 'BB+' from 'BBB-' and removed the ratings from CreditWatch, where they were placed on Oct. 21, 2004, with negative implications. The outlook is negative. The Rochester, N.Y.-based imaging company had $2.4 billion in debt as of March 31, 2004. The rating actions reflect Standard&Poor's conclusion that Kodak's business profile no longer warrants an investment-grade rating, given the accelerated decline in its core consumer imaging business and the uncertain profit prospects of some of its emerging digital businesses. The transition of Kodak's businesses also creates concern about Kodak's near- to intermediate-term profitability and cash flow at
