NEW YORK (Standard&Poor's) April 28, 2004--Standard&Poor's Ratings Services said today that its ratings and outlook on GrafTech International Ltd. (B+/Positive/--) remain unchanged, following a review precipitated by weaker-than-expected first-quarter results and the company's 2004 revised earnings guidance. Production problems at GrafTech's Brazilian facility and increased raw-material and energy costs were primarily responsible for the weak results, and earnings revision to a range of 55 cents to 75 cents per share, from 60 cents to 75 cents per share for 2004. While increased costs are clearly a negative ratings factor for GrafTech, a producer of graphite and carbon electrodes, the magnitude of the increase does not warrant a change to the ratings or outlook at this time.
