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Moody's downgrades Carestream rating

Rochester Business Journal
May 30, 2013

Citing debt taken on to pay a shareholder dividend, Moody’s Investor Service has downgraded Carestream Health Inc.’s corporate rating from B1 to B2.

Formerly an Eastman Kodak Co.’s division, Carestream was sold to Toronto-based Onex Corp. in 2006. It still has its headquarters in Rochester.

The ratings downgrade “primarily reflects the significant increase in leverage as a result of the large dividend being paid to shareholders,” but also reflects continuing declines in the medical imaging company’s traditional X-ray film market, which still accounts for much of Carestream’s revenues, the rating agency said Wednesday.
On the upside, Moody’s analysts credit Carestream, which has developed and markets digital medical imaging devices and picture archiving systems globally, with a leading market position in medical and dental imaging products, a large revenue base, diversified global operations and good free cash flow.

Carestream's digital business ultimately will benefit from increased adoption of digital imaging in U.S. and European markets, Moody’s analysts predicted.

(c) 2013 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail

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