S&P drops GrafTech view to negative

S&P said it changed its outlook for GrafTech International Ltd. to negative from stable and affirmed its ratings, including the BB- issuer rating.

“We see a risk that GrafTech's credit metrics will weaken this year due to reduced sales volumes amid softer market conditions. We anticipate a decline in sales volumes would lead to an increase in the company's leverage, which would be further exacerbated by lower average sale prices from a shift in its sales mix away from long-term agreements (LTAs) towards spot sales in 2023 and 2024,” S&P said in a press release.

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