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.

Source: Democrat and Chronicle


Posted: Fri - July 22, 2005 at 09:04 AM