...+ U.S.¡based graphite electrode manufacturer GrafTech International Ltd. signed new long-term agreements (LTAs) at favorable prices in the first quarter of 2019. These new contracts, for 40,000 metrics tons (mt) of graphite electrode, combined with existing contracts, should help lock in about $700 million in EBITDA per year through 2021. + The company also prepaid $100 million in debt in the first quarter of 2019, and has $112.5 million in annual term loan amortization payments. + In our view, GrafTech's improved profitability prospects reflect a stronger competitive position while the company also pursues more prudent financial policies. + We have raised our issuer credit rating and secured term loan rating to '##-'from 'B+'. The '3' recovery rating is unchanged. + The stable outlook reflects our expectation that GrafTech's credit metrics will remain steady in the next 12 months, with adjusted debt to EBITDA of about 2x and funds from operations (FFO) to debt in the 35% area....
