Ann: Cardno Announces Early Repayment of USPP Notes-CDD.AX, page-16

Downgrades are for when analysts are covering something. This company is sitting at the bottom of the trash heap (or is a gem in the bargain bin if you share my perspective).
No analysts in sight they have all given up. They will be back after the rise with rosy predictions of future gains.
Now's the time to use your own brains guys. This is not a trendy growth stock this is a beaten down value stock, it requires a different mode of thinking altogether.
The history shows big declining earnings but the price has fallen way beyond what is reasonable.
You can buy a growth company at a full price and not be rewarded for predicting the growth as it was priced into the shares. Or you can buy a company which has faced tough times and no-one likes (except me). Then make excellent gains just as things get slightly less worse.
I know I am doing the right thing when everyone disagrees with me but don't have a reason why the bad times will continue to get worse. Oil may equally rise as fall..
It's always darkest before the dawn. You need a value investor to buy the downtrend or it will never end.