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S&P upgrades GrafTech
S&P said it raised the corporate credit rating on GrafTech International Ltd. to B from CCC+.
The outlook is positive.
The agency also raised the issue-level rating on the company's $300 million senior unsecured notes due 2020 to B from CCC+ and revised the recovery rating to 3 from 4, indicating an expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a payment default.
The upgrade reflects that amid an exponentially improving pricing environment for graphite electrodes, GrafTech is producing much higher levels of EBITDA, combined with debt reduction, leading to sharply improved credit measures.
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