Moody's lifts GrafTech

Moody's Investors Service said it upgraded GrafTech International Ltd.'s corporate family rating to Ba2 from B1 and upgraded the ratings on its debt issues.

The company's upgrade follows improvement in its operating performance and credit metrics, significant de-levering and reflects the anticipated robust business conditions for the remainder of 2008, the agency said.

The SGL-1 speculative-grade liquidity rating was affirmed and the outlook was revised to stable from positive, S&P added.

Other affected ratings included the $225 million 1.625% guaranteed senior unsecured convertible debentures due 2024 at Ba3 (LGD5, 73%) from B2 (LGD4, 66%) as well as GrafTech Finance, Inc.'s $215 million guaranteed secured revolving credit facility due 2010 at Baa3 (LGD2, 21%) from Ba1 (LGD2, 11%) and 10.25% Gtd sr unsecured global notes due 2012 -- Ba3 (LGD5, 73%) from B2 (LGD4, 66%).

The recent upgrade in GrafTech's corporate family rating reflects the company's improved operating performance, which has resulted in the firm generating positive free cash flow over the past eight quarters and making significant debt reduction such that credit metrics are supportive of the higher rating, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.