Despite persistently weak pricing for graphite electrodes and poor operating results, U.S.-based GrafTech International Ltd. is benefiting from a combination of cost-cutting measures, working capital improvements, and covenant relief under its amended credit agreement earlier this year. As a result, we are revising our liquidity assessment to adequate from less than adequate. At the same time, we are revising our rating outlook on GrafTech to stable from negative and affirming our 'CCC+' corporate credit rating on the company. In addition, we are affirming our issue-level rating on the company's $300 million senior unsecured notes due 2020. The recovery rating on the debt is unchanged at '4'. The stable outlook reflects our view that GrafTech's liquidity will remain adequate for at
