It's a great question. I wouldn't be surprised if they have tried to 'pull the wool over' so to speak, by referring to debt covenants presently rather than debt covenants under the updated guidance.
The other red flag for me is how do we know these downgrades are once off's? In my experience they rarely are. Once a company goes ex growth and starts issuing profit downgrades look out.
Bad acquisitions, caused either through management incompetence/negligence or ill-timing is another flag.
This company seems to have the full set of flags, enough to communicate the dire straights they are in via semaphore.
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