The 'CCC' corporate credit rating reflects Standard&Poor's Ratings Services' expectation that Eastman Kodak's pace of cash consumption will remain high over the near term. It also reflects our expectation of continued secular volume decline of the traditional photographic products and services business; that the company's consumer digital imaging businesses will not quickly turn convincingly profitable; and that intellectual property earnings, which constitute a significant portion of the company's EBITDA, could decline significantly from 2010 levels. These factors underpin our view of Kodak's business risk profile as vulnerable (see "Criteria Methodology: Business Risk/Financial Risk Matrix Expanded," May 27, 2009) and support our view that revenue and EBITDA will decline in 2011. We view the company's financial risk profile as
