The 'CCC' corporate credit rating reflects Standard&Poor's Ratings Services' expectation that Eastman Kodak Co.'s pace of cash consumption will remain high over the near term and a considerable risk that earnings and cash flow could become insufficient to support its debt through 2012. It also reflects that the timing and size of intellectual property (IP) earnings, which constituted a significant portion of the company's EBITDA, remain speculative and uncertain. Additionally, we expect a continued secular volume decline of the traditional photographic products and services business and that the company's consumer digital imaging businesses will not quickly turn convincingly profitable. The combination of these factors underpins our view of Kodak's business risk profile as vulnerable and supports our view
