We are revising our assessment of U.S.-based GrafTech International Ltd.'s financial risk profile to "highly leveraged" from "significant" as debt leverage measures are under pressure given weaker-than-expected operating performance due to diminished graphite electrode demand, which we expect will continue for the remainder of 2015 and into 2016. We are lowering our corporate credit rating on GrafTech to 'B+' from 'BB-', as well as our issue-level rating on the company's $300 million senior unsecured debt due 2020 to 'B+' from 'BB-'. 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. We are leaving our ratings
