Fitch cuts Kodak's rating deeper into junk

Fitch Ratings on Thursday cut its ratings on Eastman Kodak (EK.N: Quote, Profile, Research) deeper into junk status, citing factors including a declining film business, a new restructuring and pricing pressures.
Kodak on Wednesday said it would cut up to 10,000 more jobs and posted its third quarterly net loss in a row as it struggles with a collapsing traditional camera film market.
Fitch cut Kodak's senior unsecured rating by one notch to "BB," the second-highest junk rating, from "BB-plus." The outlook is negative, meaning another rating downgrade is likely over the next one to two years

Source: Reuters

Posted: Thu - July 21, 2005 at 03:07 PM