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S&P pulls GrafTech from watch
S&P said it removed GrafTech International Ltd.’s ratings from CreditWatch with negative implications, where they were placed on Sept. 22. Additionally, the agency affirmed the BB- issuer credit rating and BB the rating on GrafTech's senior secured debt. The 2 recovery rating on the term loan is unchanged. The outlook is stable.
“The suspension notice at Graftech's manufacturing facility in Mexico has been lifted, alleviating initial concerns about the impact to profits and cashflows. While we anticipate softer market conditions and lower average sales prices will result in higher leverage in 2023 and 2024, the company has a cushion in its credit metrics,” the agency said in a press release.
The outlook reflects the expectation that GrafTech will keep debt to EBITDA between 2x and 3x over the next 12 months, as steel markets suffer a slowdown, resulting in weaker graphite electrode demand and prices, S&P said.
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