Ann: Cardno Announces Early Repayment of USPP Notes-CDD.AX, page-15

I have no views one way or the other; why do you expect another downgrade Ozziefrog? As I clarified it's not as though they had a choice on the USPP, they had to offer to repay due to the change of control event and the bondholders decided to accept.
This was reported in one of the big REJECT THE OFFER (lol) letters we got when I went back through them.
I am not going to be too surprised if there are more bumps in the road but equally we may see improvement. We are exposed to US dollar risk both ways, that's the nature of companies with overseas operations.
Maybe in one quarter it's down the next it's up but right now I see the cross rate as fairly valued more or less.
I don't think they have made any forecasts for NPAT anyway, I would expect the next result to include some restructuring costs. Short term pain for long term benefit.
I don't think buying short term into a turnaround is the way to go guys but I respect and appreciate all the perspectives. I haven't got a patent on the truth.