NEW YORK --

Standard & Poor's Ratings Services on Wednesday placed its noninvestment-grade "B+" corporate credit rating for LDK Solar Co. Ltd. under review for possible downgrade after the Chinese solar products company cut its financial outlooks for the second quarter and the full year.

LDK blamed lower-than-expected shipments of wafer and module products when it cut its forecasts last week.

S&P said LDK's debt-to-equity levels may rise and remain high this year if the company's profits are weaker than expected and if its debt doesn't decrease.

The ratings service said it will conclude the review in the next three months after it has a chance to analyze the company's first-half financial results, and get an update on its expected spending, cash and financing plans for the next six to 18 months.

S&P said it may lower its rating for LDK by one notch if it thinks the company's debt-to-equity levels will remain high for the next year, or if its cash deteriorates or refinancing risk increases. If it expects things improve, S&P said it may choose to affirm its current rating.

In midday trading, LDK shares fell 12 cents, or 2.1 percent, to $5.69.