Kodak's creditworthiness rating drops as it burns cash

Forbes.com: Experts say the outlook is negative after Standard & Poor's Rating Services lowered its ratings on film products maker Eastman Kodak Co. further into junk territory, noting the high rate at which the company is burning through cash. The company's creditworthiness rating fell from "B" to "B-." That's five notches above default and six below investment-grade. Eastman Kodak said last month it is bracing for a 12 percent to 18 percent slump in sales this year due to the economic downturn, but said it was counting on its digital printing business while relying on cash from digital cameras and retailer kiosks. But digital camera sales have fallen as consumers pull back.

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