S&P rates Eastman Kodak notes B-

Standard & Poor's said it assigned Eastman Kodak Co.'s $400 million second-lien senior secured notes due 2018 a B- rating with a recovery rating of 3.

The corporate credit rating is B-.

The outlook is stable.

S&P said the rating reflects concern about the company's earnings and cash flow prospects, based on continued secular volume decline of Kodak's traditional photographic products and services business, significant discretionary cash flow deficits, vulnerability to economic pressures and the company's leveraged financial profile.

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