My thanks to A. Reader for this one:
New Gold Downgraded to B from B+ on Weaker Liquidity; Outlook Negative: S&P Global Ratings lowered its long-term corporate credit and senior unsecured debt ratings on New Gold to B from B+. The downgrade primarily reflects the expected deterioration in New Gold's liquidity position related to delays at the company's Rainy River development project in Ontario. The company announced it has budgeted an additional $195 million of capital expenditures to achieve commercial production by Nov. 1, 2017--about three months behind schedule. S&P now expects New Gold will face a liquidity shortfall in 2017 if it doesn't raise new funds required to complete the project. Although S&P’s ratings on New Gold have incorporated the risks associated with the new mine development, S&P now believes the company's financial flexibility has materially weakened. (S&P Global Ratings)
And even though this is cold sweat material for the company, I promise you, hand on heart, you'll still get idiots in the market today who see "value in the equity at this price". There are some people who need to learn the hard way what "equity" really means, y'see.