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S&P upgrades GrafTech
S&P said it raised GrafTech International Ltd.'s issuer credit rating and secured term loan rating to BB- from B+.
The 3 recovery rating is unchanged.
GrafTech signed new long-term agreements at favorable prices in the first quarter of 2019, S&P said.
These new contracts, combined with existing contracts, should help lock in about $700 million in EBITDA per year through 2021, the agency said.
The company also prepaid $100 million in debt in the first quarter of 2019, S&P said, and has $112.5 million in annual term loan amortization payments.
The company's improved profitability prospects reflect a stronger competitive position while the company also pursues more prudent financial policies, the agency said.
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