NEW YORK (Standard&Poor's) Sept. 24, 2003--Standard&Poor's Ratings Services said today that there is no change to its ratings or outlook on graphite and carbon electrode producer GrafTech International Ltd. (B+/Stable/--) following the company's announcement that it will be issuing 16 million shares of common stock with proceeds going toward debt reduction. Despite the material reduction in debt from the equity proceeds and future asset sales as well as the improved 2004 earnings guidance provided by the company, pro forma credit measures are only expected to return to levels appropriate for its current ratings from the extremely weak measures that have existed over the past three years.
