Moody’s drops GrafTech, notes

Moody's Investors Service said it downgraded the ratings of GrafTech International Ltd., including the corporate family rating to Caa1 from B3 and the $300 million senior unsecured notes to Caa2 from Caa1.

The agency also affirmed the speculative grade liquidity rating at SGL-4.

The outlook remains negative.

"The credit agreement amendment improves GrafTech's liquidity position, significantly so over the next few quarters, but market conditions remain very weak and we expect the company will consume cash until electrode prices improve meaningfully," Ben Nelson, Moody's vice president and lead analyst for GrafTech, said in a news release.

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