Citing uncertainties surrounding the sales of two of aaiPharma’s main drugs, Standard & Poor’s said it may cut the debt ratings for the pharmaceutical company.

On Monday, Wilmington-based aaiPharma (Nasdaq: AAII) said that it would delay filing its annual report with securities regulators, because a committee of its directors is making an inquiry into abnormalities involving the sales of the two drugs.

S&P rates aaiPharma’s corporate credit “B-plus,” the fourth-highest junk rating, and the company’s senior secured credit “BB-minus,” the third highest junk rating.

Shares of AAII have declined sharply since reaching a 52-week high of $31.85 in late January. They closed Friday at $7.87, a drop of 12 cents from the previous day’s close of $7.99.

aaiPharma: www.aaipharma.com