Amid an exponentially improving pricing environment for graphite electrodes, U.S.-based GrafTech International Ltd. is producing much higher levels of EBITDA, combined with debt reduction, leading to sharply improved credit measures that are strong for the rating. As a result, we are raising our corporate credit rating on GrafTech to 'B' from 'CCC+'. The outlook is positive. At the same time, we are raising our issue-level rating on the company's $300 million senior unsecured notes due 2020 to 'B' from 'CCC+'. We are also revising the recovery rating on the notes to '3' from '4'. The positive outlook reflects our view that GrafTech will continue to benefit from selling graphite electrodes at much higher prices--some on long-term contracts--over the next 12
