We expect U.S.-based GrafTech International Ltd.'s (GrafTech) results for the second half of 2014 will fall below what had been anticipated in our April review, and in our view, the company now faces a more competitive operating landscape. We are lowering our corporate credit rating on the company to 'BB-' from 'BB+'. At the same time, we are lowering the issue rating on the company's senior unsecured debt to 'BB-' from 'BB+' in line with the corporate credit rating. The recovery rating on the debt remains '4'. The outlook remains negative, reflecting the possibility that prices could remain weak and restructuring efforts may not have enough of an impact to elevate credit measures in line with the current "significant" financial
