NEW YORK (Standard&Poor's) Oct. 11, 2004--Standard&Poor's Ratings Services said today it placed its 'B+' corporate credit and 'B' senior unsecured debt ratings on GrafTech International Ltd. on CreditWatch with negative implications after the company revised its third-quarter and full-year earnings estimates. GrafTech cited higher operating expenses due to infrastructure growth, global work processes, and information systems for its latest earnings guidance. GrafTech also noted the closing of needle coke capacity, a critical raw material in the manufacturing of graphite electrodes. "Standard&Poor's plans to meet with management shortly to assess if these higher costs are recurring, and the impact on cash flow and GrafTech's credit quality," said Standard&Poor's credit analyst Dominick D'Ascoli. Although
