NEW YORK (S&P Global Ratings) May 3, 2016--S&P Global Ratings said today that it affirmed its 'CCC+' issue-level rating on Independence, Ohio-based GrafTech International Ltd.'s $300 million senior unsecured notes due 2020 following the recent amendments made to the company's revolving credit facility. Its recovery rating is unchanged at '4', indicating our expectation for average (30% to 50%; at the upper end of the range) recovery in the event of a payment default. Our analysis acknowledges the lower commitment amount of $225 million and, therefore, the lower estimated amount borrowed at the time of a hypothetical bankruptcy, but also takes into account a lower reorganization value of approximately $400 million based on our expected emergence EBITDA. We arrive at our
