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Published on 5/7/2007 in the Prospect News Bank Loan Daily, Prospect News Convertibles Daily and Prospect News High Yield Daily.

Moody's confirms Kodak

Moody's Investors Service said it confirmed Eastman Kodak Co.'s B1 corporate family rating, concluding a review for possible downgrade, which had been prompted by Kodak's May 2006 announcement of its health business sale.

The outlook is stable.

According to Moody's, the B1 corporate family rating reflects the significant challenges that Kodak faces to replace revenue and cash flow from its declining legacy film businesses, as well as the company's market position, operating profit margin and free cash flow volatility, asset returns, financial leverage and liquidity.

The stable outlook reflects Moody's expectation that Kodak will continue to maintain liquidity and generate earnings sufficient to withstand further secular declines of its legacy film businesses, lack of substantial profitability in certain of its digital businesses and its sizeable new business start up costs.


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