Moody's lowers Kodak ratings

Moody's Investors Service said it lowered all ratings of Eastman Kodak Co., including: the corporate family and probability of default to Caa3 from Caa2, the senior unsecured to Ca from Caa3, the senior secured to Caa1 from B3 and the speculative grade liquidity rating to SGL-4 from SGL-3.

The outlook remains negative.

Moody's said the rating downgrade reflects a heightened probability of a bankruptcy over the near term as a result of a deteriorating liquidity outlook, which the agency believes is posing additional challenges to consummating the sale or licensing agreements of Kodak's key digital patents.

The negative outlook reflects Kodak's eroding liquidity position and the higher probability of a bankruptcy filing, the agency said.

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