Moody's: Kodak unchanged

Moody's Investors Service said that Eastman Kodak's B1 corporate family rating with a stable outlook would not be affected by the company's announcement that its board of directors has authorized a stock repurchase program totaling as much as $1.0 billion of the company's outstanding common stock.

The authorization follows Kodak's receipt of $581 million from the Internal Revenue Service associated with a completed audit of certain claims filed for tax years for the tax years 1993-1998 and is composed of a refund of past federal income taxes paid of $306 million and $275 million of interest earned on the refund, the agency said.

At recent prices, the purchase of $1.0 billion of Kodak stock would represent 25% of the shares outstanding, Moody's noted.

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