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S&P lowers Eastman first-lien recovery rating
S&P said it affirmed the CCC issuer credit rating on Eastman Kodak Co. and removed all of the ratings on the company from CreditWatch, where they were placed with positive implications in November 2018.
The agency also said it lowered the recovery rating on the company's first-lien secured term loan to 4 from 3 and affirmed the rating at CCC.
The 4 recovery rating indicates 30% to 50% expected default recovery.
Eastman Kodak announced that the sale of its flexographic packaging division to Montagu Private Equity LLP has closed, S&P said.
The proceeds of the divestiture will be used to repay over $300 million of its first-lien secured term loan due in September 2019, the agency said.
The negative outlook reflects a view that near-term events could impair the company's ability to operate over the next 12 months if it is unable to successfully refinance the portion of its first-lien term loan that it will not repay with the proceeds from the divestiture, S&P said.
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