Moody’s drops GrafTech to Ba2

Moody's Investors Service said it downgraded all long-term ratings for GrafTech International Ltd., including the corporate family rating to Ba2 from Ba1.

All long-term ratings remain on review for downgrade.

The downgrade reflects continued softening in the graphite electrodes business, increased volatility in the non-electrodes business, and tightening liquidity.

"GrafTech's recent announcement raises our concerns that credit metrics will remain weak for longer than expected as the company and that the liquidity cushion will be relatively modest in advance of the next debt maturity in November 2015," Ben Nelson, Moody's assistant vice president and lead analyst for GrafTech, said in a news release.

Fitch rates Tyson loan BBB

Fitch Ratings said it affirmed Tyson Foods, Inc.’s long-term issuer default rating at BBB, unsecured term loans at BBB, senior unsecured notes at BBB and short-term issuer default rating at F2.

Fitch also said it assigned a BBB rating to Tyson’s new five-year $1.25 billion senior unsecured revolving credit facility.

The outlook is stable.

Tyson’s new revolving credit facility, which replaces the company’s previous $1 billion revolver, matures Sept. 25, 2019 and can be upsized by $500 million, Fitch said.

The facility is guaranteed by wholly-owned subsidiary Tyson Fresh Meats until Tyson Fresh Meats no longer guarantees Tyson’s 2016 notes, the agency said.

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