Declining revenues from end-of-life commercial film and offset printing business Substantial uncertainty around Eastman Kodak Co.'s (Kodak) ability to generate growth from digital and functional printing product lines Improved focus on consumables and other recurring revenues post-bankruptcy emergence Substantial debt burden, with leverage over 5x Large pension and postretirement benefit liabilities Weak free cash flow generation Large cash balance, offering some protection from operating volatility The outlook is stable, incorporating our expectation that Kodak will be challenged to stabilize revenues and grow operating earnings, given expected declines in the commercial film and consumer inkjet segments. However, important rating support is provided by cash balances in excess of $800 million, which provide a significant cushion in the event of earnings and
