On Aug. 17, 2015, Brookfield Asset Management Inc. completed its acquisition of GrafTech International Ltd. There was no downgrade event as defined in GrafTech's indenture. We are affirming our 'B+' corporate credit and issue-level ratings on GrafTech and its senior unsecured notes. At the same time, we are removing all our ratings on the company from CreditWatch with negative implications. The '4' recovery rating on the notes remains unchanged. The negative outlook reflects our expectation that over the next 12 months, steel markets will remain weak given global overcapacity. On Aug. 27, 2015, Standard&Poor's Ratings Services affirmed its ratings on GrafTech International Ltd., including the 'B+' corporate credit rating and 'B+' issue-level rating, and removed the ratings from
