Lower sales volumes and weaker pricing for graphite electrodes continue to negatively affect U.S.-based GrafTech International Ltd.'s operating results, leading to weaker credit measures. We are lowering our corporate credit rating on GrafTech and our issue-level rating on the company's $300 million senior unsecured debt due 2020 to 'B' from 'B+'. The recovery rating on the company's senior unsecured notes remains '4', indicating our expectation for average (30% to 50%; at the upper end of the range) recovery in the event of a payment default. The stable outlook reflects our view that GrafTech has positioned itself to absorb the continued weakness in the global steel markets over the next 12 months given its "adequate" liquidity, as defined in our criteria,
