On June, 25, 2008, Standard&Poor's Ratings Services revised its outlook on GrafTech International Ltd. to positive from stable. At the same time, we raised the rating on the company's senior unsecured notes to 'BB' from 'BB-' and recovery rating to '2', indicating the expectation of substantial (70% to 90%) recovery in the event of a payment default, from '4'. All other ratings, including the company's 'BB-' corporate credit rating, were affirmed. The outlook revision reflects the company's strengthened financial profile due to the combination of the recent conversion into equity of its outstanding $225 million notes due 2024, good operational performance, and enhanced cash flow generation supported by currently favorable market conditions. Thus, the company's debt levels are
