In 2013, U.S.-based GrafTech International Ltd.'s margins were significantly below historical levels, because of a 13% price drop in its Industrial Materials segment. We are revising the rating outlook on the company to negative from stable. We are affirming our 'BB+' corporate credit rating on the company. The rating on the company's senior unsecured debt remains 'BB+' with a recovery rating of '4'. The negative outlook reflects the risk that ongoing rationalization efforts may not improve profitability as soon as expected or to the extent that is anticipated. On April 23, 2014, Standard&Poor's Ratings Services revised the rating outlook on Parma, Ohio–based GrafTech International Ltd. to negative from stable. We also affirmed our 'BB+' corporate credit rating on
