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Research Update: LDK Solar Co., Ltd. Assigned 'B+' Rating, Outlook Positive; Proposed Bonds Rated 'B' May 11
Standard & Poors, May 2011
Abstract
China-based LDK Solar Co., Ltd. manufactures photovoltaic products such as polysilicon, solar wafers, cells, modules, and systems. It proposes to issue senior unsecured notes, which will be used to repay short-term debt. LDK has a weak but improving balance sheet, a short financial and operating record, and is exposed to high industry risk. Its competitive cost structure and vertical integration strategy support the ratings. We assigned our 'B+' long-term corporate credit rating to LDK with a 'cnBB' Greater China credit scale rating. We also assigned our 'B' issue rating to LDK's proposed senior unsecured bonds with a 'cnBB-' Greater China credit scale rating. The positive outlook reflects our expectation that LDK will improve its balance sheet and reduce debt. On...
Companies mentioned in this report are: LDK Solar Co., Ltd.
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.
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