S&P rates GrafTech loan BB-

Standard & Poor's said it assigned its BB- bank loan rating and recovery rating of 1 to GrafTech Finance Inc.'s proposed $225 million revolving credit facility. GrafTech Finance Inc. is a wholly owned financing subsidiary of GrafTech International Ltd. (B+/negative--).

The new revolving credit facility will replace an existing €175 million facility that matures in 2006.

S&P said the ratings on GrafTech International 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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