Moody's rates GrafTech revolver Ba3

Moody's Investors Service said it assigned a Ba3 rating to GrafTech Finance Inc.'s proposed new senior secured revolving credit facility and affirmed all existing ratings for GrafTech Finance and its parent company, GrafTech International Ltd. The outlook is stable.

Moody's affirmed GrafTech Finance's B2 rated $450 million 10 ¼% guaranteed senior unsecured notes due 2012 and GrafTech's B1 senior implied rating, B3 senior unsecured issuer rating, B2 rated $225 million 1.625% convertible debentures due 2024 and SGL-2 speculative grade liquidity rating.

Moody's said GrafTech's ratings reflect its high leverage and negative net worth, modest cash flow, the cyclical nature of its primary end-user markets, the steel and aluminum industries, potential cost pressures related to reduced global production of needle coke and its exposure to changing energy costs and currency rates.

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