Moody’s downgrades GrafTech, notes

Moody's Investors Service said it downgraded all long-term ratings for GrafTech International Ltd., including the corporate family rating to B3 from Ba3 and the $300 million senior unsecured notes due 2020 to Caa1 from B1.

The agency also lowered the speculative grade liquidity rating to SGL-4 from SGL-3.

The outlook remains negative.

Moody's said the downgrade is based on its view that business conditions in the graphite electrode industry have weakened materially over the past several months such that GrafTech's financial performance will decline meaningfully in 2016. The steel industry continues to struggle with difficult market conditions with substantive weakening in both capacity utilization rates and pricing.

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