The ratings incorporate Eastman Chemical Co.'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 this strategy and will review the environment for the transaction in the middle of 2002, pending improvement in the global economic outlook. Kingsport, Tenn.-based Eastman is expected to complete the transaction through a tax-free distribution to existing shareholders, in order to separate its
