Reuters is reporting that Moody's Investors Service has downgraded its Eastman Kodak debt rating by one notch to "B1," which is the 4th highest junk rating. The reason given was the decline of Kodak's consumer film business and the risks associated with the company's transition to digital photography. The company's outlook is negative, meaning that another rating downgrade is more likely in the next 12 to 18 months.
