Standard & Poor's downgraded Eastman Kodak deeper into junk territory yesterday, citing reduced confidence in Kodak's profitability and cash flow prospects.
The S&P said the new rating shows "ongoing and rapid deterioration of its traditional consumer imaging business, the unproven profit potential of its emerging digital imaging businesses, high cash restructuring costs, and economic uncertainty."
Kodak's corporate credit and secured bank loan ratings now rest at "B-plus," the agency's fifth highest junk rating.
