Moody's: GrafTech outlook positive

Moody's Investors Service said it changed GrafTech International Ltd.'s outlook to positive from stable, assigned a Ba1 rating (LGD2, 24%) to new $230 million senior secured revolving credit facility, affirmed its Ba2 corporate family rating and revised the probability-of-default rating to Ba3 from Ba2.

The new revolving credit facility will replace the company's existing undrawn $215 million revolver maturing in July 2010.

The outlook is positive.

The change to a positive outlook reflects expectations that the company will produce positive free cash flow over the next four quarters, generate metrics supportive of a higher rating despite the possibility of adding leverage and maintain adequate liquidity, according to the agency.

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