Better-than-expected performance in 2009 and continued debt reduction have led to an improved financial profile; total adjusted debt to EBITDA is below 1x, which is a level we consider more consistent with a higher rating. We are raising the corporate credit rating on GrafTech to 'BB+' from 'BB-' and raising the issue-level rating on the company's $215 million revolving credit facility to 'BBB' from 'BB+'. We are removing all ratings on GrafTech from CreditWatch, where we placed them with positive implications on Sept. 30, 2009. The stable rating outlook reflects our expectation that credit metrics will likely remain in line with the higher rating during the intermediate term; total adjusted leverage should remain below 3.0x. NEW YORK (Standard&Poor's)
