The ratings for Eastman Chemical Co. reflect the slower-than-anticipated improvement to Eastman Chemical's financial profile, which remains stretched following the completion of several debt-financed acquisitions during 2000. Still, the ratings incorporate Eastman Chemical's above-average business profile, reflecting solid market and cost positions in most of its chemicals, plastics, and fibers businesses, as well as expectations for prudent financial management until the proposed split transaction is completed. Eastman has announced that it postponed the spin-off of its specialty chemicals and plastics business due to adverse economic and financial market conditions and the lack of near-term visibility for its businesses. The company, however, remains committed to the split of its businesses and will review the environment for the transaction in the middle
