Fitch cuts outlook on LDK Solar, ends coverage

Aug 25, 2011 - Fitch today lowered to "negative" from "stable" its outlook on Chinese solar wafers maker LDK Solar Co Ltd ( NYSE:LDK), citing the sharp decline in market prices for its key products since April.

The agency expects that the price downtrend will continue to squeeze the company's sales and profit margins into 2012.

The service also affirmed and subsequently withdrew its ratings on the company after the solar products maker said it would not proceed with its planned USD notes issuance.

Prior to the rating termination, the company had a long-term foreign currency issuer default rating of BB- and senior unsecured debt rating of B+. The previously proposed USD notes issue had a provisional rating of B+ (exp).

Rating agency website: www.fitchratings.com

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