NEW YORK (Standard&Poor's) Jan. 28, 2002--Standard&Poor's today affirmed its single-'B'-plus corporate credit rating on UCAR International Inc. (UCAR) and revised its outlook to stable from negative. In addition, Standard&Poor's assigned its single-'B'-minus rating to UCAR Finance Inc.'s $250 million senior unsecured notes due 2012 to be offered under Rule 144A. The outlook revision reflects: -- UCAR's recent announcement of cost savings of an additional $80 million by 2004 and proceeds from asset sales totaling an estimated $60 million to $65 million after tax; -- Improved financial flexibility resulting from the successful negotiation of a more flexible covenant package and less onerous amortization schedule from its bank creditors and; -- Payment deferral of antitrust litigation
