OVERVIEW Carbon and graphite manufacturer Graftech International Ltd. intends to issue $300 million of new senior unsecured notes due 2020. The company expects to use the proceeds to reduce its outstanding revolver borrowings. We are assigning a 'BB+' issue-level rating to the proposed $300 million senior unsecured notes with a recovery rating of '4'. At the same time, we are affirming our 'BB+' corporate credit rating on Graftech. The stable rating outlook reflects our expectation that GrafTech's credit metrics will likely remain at levels that we would consider to be in line for the rating despite the weakness in its European business. NEW YORK (Standard&Poor's) Nov. 13, 2012--Standard&Poor's Ratings Services today assigned its 'BB+' issue-level rating
