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S&P puts LDK Solar on watch
Standard & Poor's said it placed the B+ corporate credit rating on LDK Solar Co., Ltd. on CreditWatch with negative implications, along with its cnBB Greater China credit scale rating.
The CreditWatch follows the lowering of the company's financial guidance for the second quarter and full year of 2011, S&P said.
The agency said it believes the company is likely to attribute the revision largely to the drop in market prices and worse-than-expected demand since the second quarter.
LDK's leverage may rise and remain high in 2011 if the company's profitability is weaker than expected and if the company's debt does not decline over the next two quarters, S&P said.
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