S&P: GrafTech off watch, affirmed

Standard & Poor's said it affirmed its ratings on GrafTech International Ltd. and removed them from CreditWatch negative, where they were placed on Oct. 11. The outlook is negative.

S&P affirmed GrafTech's B+ corporate credit rating, B senior unsecured debt and B- convertible debt.

Ratings were placed on CreditWatch following the company's announcement of a reduction in the graphite electrode industry's supply of needle coke and a revision to its third-quarter and full-year earnings due to higher operating expenses.

S&P said the ratings on GrafTech reflect its aggressive financial leverage, poor free cash flow generation, significant exposure to the cyclical steel industry and uncertainties/concerns pertaining to needle coke.

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