On Oct. 6, 2003, Standard&Poor's Ratings Services lowered its short-term corporate credit and commercial paper ratings on Eastman Chemical Co. to 'A-3' from 'A-2' and revised its outlook on the company to negative from stable, citing the announcement of a restructuring charge, the company's sub-par financial profile relative to ratings expectations, and ongoing business challenges that have delayed the expected progress in reducing Eastman's sizable debt burden. At the same time, Standard&Poor's said that it affirmed its long-term ratings on the company (see list below). Kingsport, Tenn.-based Eastman has about $5.6 billion of annual sales and approximately $2.3 billion of outstanding debt (prior to adjustments to capitalize operating leases, accounts receivables sales and post-retirement benefit obligations).
