Moody’s drops GrafTech to Ba2

Moody's Investors Service said it downgraded all long-term ratings for GrafTech International Ltd., including the corporate family rating to Ba2 from Ba1.

All long-term ratings remain on review for downgrade.

The downgrade reflects continued softening in the graphite electrodes business, increased volatility in the non-electrodes business, and tightening liquidity.

"GrafTech's recent announcement raises our concerns that credit metrics will remain weak for longer than expected as the company and that the liquidity cushion will be relatively modest in advance of the next debt maturity in November 2015," Ben Nelson, Moody's assistant vice president and lead analyst for GrafTech, said in a news release.

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