S&P ups SGL Carbon view to positive

Standard & Poor's said it revised its outlook on SGL Carbon AG to positive from stable and affirmed the B long-term corporate credit rating.

S&P said the rating actions follow improvements in the company's financial performance and the announcement that SGL and Volkswagen AG's (A-/negative/A-2) Audi unit have signed a cooperation agreement on carbon ceramic brake discs, which secures a long-term supply contract and limits further capital expenditure needs for SGL.

Additional features of the contract include the widening of disc production for a larger scale commercialization and possibly a joint venture.

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