On March 21, 2005, Standard&Poor's Ratings Services lowered GrafTech International Ltd.'s corporate credit rating to 'B' from 'B+'. The senior secured debt rating was lowered to 'B+' from 'BB-' and the senior unsecured debt rating was cut to 'B-' from 'B'. Standard&Poor's also lowered the convertible note rating to 'CCC+' from 'B-'. The outlook is stable. The downgrade reflects Standard&Poor's reassessment of the Wilmington, Del.-based company's prospects. Although GrafTech's financial performance will improve in 2005 due to strong graphite electrode fundamentals, financial performance is expected to be below levels appropriate for a 'B+' corporate credit rating. GrafTech's projected financial performance for 2005 is below Standard&Poor's expectations as a result of expected lower
