On May 1, 2002, Standard&Poor's affirmed its single-B-plus corporate credit rating on UCAR International Inc. and raised its senior unsecured ratings on the company to single-B from single-B-minus. Standard&Poor's also assigned its single B rating to UCAR Finance Inc.'s $100 million senior unsecured notes due 2012 to be offered under Rule 144A. Proceeds will be used to reduce borrowings under the revolving credit facility and repayment of term loans. Standard&Poor's ultimate recovery analysis deems that recovery prospects for the unsecured noteholders have improved, given the reduced amount and of priority secured debt in the capital structure following the new note issue, coupled with the company's $400 million of senior unsecured notes sold in February
