Kodak's credit rating drops
Eastman Kodak Co.'s second-quarter financial report
is raising some renewed concerns about the company's creditworthiness. Both
Moody's Investor's Service and Fitch Ratings downgraded Kodak's credit rating on
Thursday, a day after the company announced a loss of $146 million, or 51 cents
a share, for April, May and June. In conjunction with the report, Kodak said it
would cut an additional 10,000 jobs over the next two years and dispose of $2
billion worth of factories, equipment and other manufacturing holdings worldwide
to cope with declining film sales.
Posted: Fri - July 22, 2005 at 09:04 AM