GrafTech's operating performance and debt reduction have exceeded our expectations during 2009. The company's credit measures have improved to a level that we consider more in-line with a higher rating, and we expect this trend to continue in the near term. We are placing our ratings, including our 'BB-' corporate credit rating, on GrafTech International on CreditWatch with positive implications. On Sept. 30, 2009, Standard&Poor's Ratings Services placed its ratings, including its 'BB-' corporate credit rating, on Parma, Ohio-based GrafTech International Ltd. on CreditWatch with positive implications. The CreditWatch placement acknowledges the company's improved credit profile over the past several quarters, due to the combination of better-than-expected operating performance and significantly lower debt balances. This improvement has come
