Kodak downgraded to "junk bond' status

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Kodak downgraded to "junk bond' status

[Archived in Entry, Kodak]

[Digital Camera News at DigiCamNews.net] Eastman Kodak saw its credit rating downgraded on Friday to "junk bond" status by the S&P on disappointing 1Q financials released late last week. Standard & Poor's has stated that the company will carry a "BB+" rating. Kodak CEO Daniel Carp said that such volatility is to be expected as Kodak transitions from a traditional film to a digital company.

Some slightly related from Technorati and Google.

[Us.news.designerz.com] Kodak rating downgraded to "junk bond" status : : Us: Earlier Friday, the Rochester, New York firm said it posted a net loss of 142 million dollars in the first quarter, due to lower sales and costs of restructuring the group. Revenues were down three percent from the same period a year ago to 2.83 billion dollars.

[Photo-news.com] Photo Imaging News - Premium: ... TO) said Monday it has reached a settlement with an Eastman Kodak Co. ... Total entries in this blog: Published On: May 16, 2005 08:44 PM. Powered by ...

[Dream.sims.berkeley.edu] Yahoo Digital Imaging News: Reuters - Eastman Kodak Co. said onWednesday Chief Executive Dan Carp will step down in June andPresident Antonio Perez, a former Hewlett-Packard executive,will take the helm of the camera and film company, which isundergoing a tough transition to digital products.

[Accounting.blogspot.com] Financial Accounting Blog: This BusinessWeek article talks about Kodak's business strategy given the changing market of digital and their decision to cut stockholder dividends from $1.80 to 50 cents. We discussed in class that reducing dividends is often a sign to shareholders (or anyone for that matter) that a company may be struggling to effectively manage itself. This article presents Kodak's explanation in response to pointed questions on the issue posed by BusinessWeek editors.

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