S&P: GrafTech unchanged

Standard & Poor's said its ratings and outlook on GrafTech International Ltd. (BB-/positive) would not be affected by the company's announcement that it has acquired a 19% minority interest in Seadrift Coke L.P. (unrated) from Falcon Mezzanine Partners LP for $135 million.

GrafTech will fund the purchase with $35 million in cash on hand and $100 million from its existing credit facility, the agency said.

Given the recent conversion of its $225 million notes to equity, S&P said that the company has cushion within its capital structure at the current rating to absorb the additional debt.

However, the company's business risk profile remains unchanged, given its exposure to supplier risk, S&P added.

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