The rating on Parma, Ohio-based GrafTech International Ltd. reflects what we consider to be the combination of the company's fair business risk profile and intermediate financial risk profile. Our assessment of the company's fair business risk profile incorporates its significant exposure to the cyclical steel industry, high degree of supplier concentration, and continued raw material cost pressures. Still, the company maintains a good market position in graphite electrodes and has consistently generated healthy operating margins. In addition, during the past several years, the company has materially reduced its book debt through free cash flow generation, which has resulted in an intermediate financial risk profile. We expect that GrafTech will generate around $300 million in EBITDA in 2011, resulting in credit
