Standard&Poor's Ratings Services' 'B-' rating on Eastman Kodak Co. reflects our concern about the company's long-term earnings and cash flow prospects. We based this concern on: The continued secular volume decline of the traditional photographic products and services business, The unproven long-term profit potential of Kodak's consumer digital imaging businesses, Intermediate-term potential for a decline in its entertainment imaging businesses, Unpredictability of intellectual property earnings, Significant discretionary cash flow deficits, Vulnerability to economic pressures, and The company's leveraged financial profile. In the fourth quarter ended Dec. 31, 2009, Kodak's revenue increased 6%, benefiting from a 4% favorable effect from foreign exchange. Revenue in the Film, Photofinishing, and Entertainment Group declined 10%, with revenue from Entertainment Imaging declining 4%
