asf, the way I read the downgrade is that basically RBC feel...

asf, the way I read the downgrade is that basically RBC feel they were misled. They say they are disappointed with the delays particularly given managements confidence in late 2013 that the final permits were expected to be straightforward and forthcoming in January. They refer to the project being stalled , and the near term picture difficult to assess. Obviously the declining cash position is a concern also ( the cost of the redundancies will add to this concern ) . They do say however they see long term value in the Escarpment project.

All of this is basically investment bank speak for you have lost our confidence , as have I .