On May 15, 2008, Standard&Poor's Ratings Services raised its rating on Parma, Ohio-based GrafTech International Ltd. The corporate credit rating was raised to 'BB-' from 'B+'. The outlook is stable The upgrade reflects GrafTech's strengthening financial profile following significant debt reduction, good operational performance, and enhanced cash flow generation supported by currently favorable market conditions. These improvements, combined with management's commitment to preserve a conservative balance sheet and adequate liquidity, should enable GrafTech to maintain a financial profile commensurate with the higher rating if market conditions were to weaken. The ratings on GrafTech International reflect the company's significant exposure to the cyclical steel industry, limited supplier diversity, and continued raw-material cost pressure. Still, the company maintains a good
