Maxim and Ardour Capital upgraded Trina yesterday.
Trina mentioned on its Q2 CC it has redeemed all outstanding convertible debt in Q3 ($57M was remaining at the end of Q2). Total debt at the end of Q2 amounted to $1.12B, and cash/equivalents totaled $619M.
The company's total manufacturing cost/watt fell at a "high single-digit" rate in Q2. However, Trina added its polysilicon costs are expected stabilize or rise slightly in Q3.