Moody’s: GrafTech view to negative

Moody's Investors Service said it confirmed all long-term ratings for GrafTech International Ltd., including the Ba3 corporate family rating.

The outlook is negative.

These actions conclude the review for possible downgrade initiated on April 30.

"While we expect continued weakening in the graphite electrode industry at least through year-end, GrafTech is better positioned under Brookfield's ownership with a substantial improvement in effective liquidity, a reduction in balance sheet debt by more than 25%, and resolution of the ongoing proxy fight with the Milikowsky Group," Ben Nelson, Moody's vice president and lead analyst for GrafTech, said in a news release.

The negative outlook reflects weak credit metrics for the rating and an uncertain outlook for the graphite electrode industry, the agency said.

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