On May 10, 2007, Standard&Poor's Ratings Services raised its corporate credit rating on GrafTech International Ltd. to 'B+' from 'B'. In addition, we raised the rating on the company's $215 million senior secured revolving credit facility to 'BB-' from 'B+' and affirmed the '1' recovery rating on the facility. Also, Standard&Poor's raised its rating on GrafTech's convertible notes to 'B-' from 'CCC+'. Lastly, we affirmed the 'B-' rating on GrafTech's $550 million senior secured notes and assigned them a '5' recovery rating (indicating an expectation of negligible (0%-25%) recovery of principal). The outlook is stable. The upgrade reflects GrafTech's strengthening financial profile following debt reduction, good operational performance, and improved cash flow generation with no more
