TEXT-S&P release on Oxbow Carbon LLC

(The following statement was released by the rating agency)

Aug 26 - Standard & Poor's Ratings Services placed its ratings, including
its 'B+' corporate credit rating, on West Palm Beach, Fla.-based Oxbow Carbon
LLC on CreditWatch with positive implications.

"The CreditWatch listing follows the company's stronger-than-expected
operational performance and notable debt reduction," said Standard & Poor's
credit analyst Sherwin Brandford.

Oxbow generated $187 million in EBITDA during the first half of 2008,
driven by strong demand and pricing for fuel-grade petroleum coke and calcined
petroleum coke as well as strong coal pricing. Oxbow reduced debt by about $150
million to $947 million at June 30, 2008, from $1.1 billion at Sept. 30, 2007.
The combination of higher earnings and lower debt improved leverage to around
3.4x at the end of the second quarter of 2008 from around 4.5x at Sept. 30,
2007 (pro forma for the Great Lakes Carbon Corp. and SSM Coal B.V.
acquisitions).

We will resolve our CreditWatch listing after evaluating third quarter
2008 financial results and meeting with management to discuss the company's
business plans and financial projections.

Complete ratings information is available to subscribers of RatingsDirect,
the real-time Web-based source for Standard & Poor's credit ratings, research,
and risk analysis, at www.ratingsdirect.com. All ratings affected by this
rating action can be found on Standard & Poor's public Web site at
www.standardandpoors.com; select your preferred country or region, then Ratings
in the left navigation bar, followed by Credit Ratings Search.
(New York Ratings Team)