Moody's lifts GrafTech

Moody's Investors Service said it upgraded GrafTech International Ltd.'s corporate family rating to Ba1 and rated its $570 million senior secured revolving credit facility Baa3 (LGD3, 35%).

Moody's said it also changed GrafTech's probability of default rating to Ba1 from Ba3 and downgraded its speculative grade liquidity rating to SGL-2 from SGL-1.

The outlook was moved to stable from positive.

The agency said that the Ba1 corporate family rating is supported by its low leverage, attractive EBITDA margins, leading market positions in graphite electrode sales, as well as geographic and operational diversity with relatively low cost manufacturing facilities located on four continents.

The rating also assumes that GrafTech will continue to expand its Engineered Solutions business through new applications and acquisitions to provide greater product and end-market diversity, Moody's said.

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