On Aug. 21, 2003, Standard&Poor's Ratings Services assigned its preliminary 'B' unsecured and 'B-' subordinated debt ratings to GrafTech International LTD's $175 million universal shelf. All ratings on the company were affirmed (see list below). The ratings reflect GrafTech International's leading market position as a producer of graphite and carbon electrodes, offset by an aggressive financial profile and significant exposure to the cyclical steel markets. With non-U.S. markets generating 71% of the company's 2002 revenues, GrafTech benefits from its position as the world's largest producer of graphite electrodes, which are used by minimills in the steel-making process. More than 60% of the minimills in the world, with the exception of those in China, purchase the company's graphite electrodes.
