NEW YORK (Standard&Poor's) July 1, 2008--Standard&Poor's Ratings Services said today that its ratings and outlook on Parma, Ohio-based GrafTech International Ltd. (BB-/Positive/--) would not be affected by the company's announcement that it has acquired a 19% minority interest in Seadrift Coke L.P. (unrated), a privately owned producer of petroleum needle coke, from Falcon Mezzanine Partners L.P. for $135 million. GrafTech will fund the purchase with $35 million in cash on hand and $100 million from its existing credit facility. Given the recent conversion of its $225 million notes to equity, the company has cushion within its capital structure at the current rating to absorb the additional debt. However, the company's business risk profile remains unchanged, given
