For a moment there, it looked like Armtec was in the process of getting its act together. From January to July the shares shot 70 per cent higher, and in the summer the company announced it met the required covenants on its credit facility from Brookfield Financial.

But it’s been all downhill from there. From their peak, the shares have plummeted nearly 50 per cent. On Thursday, rating agency Standard & Poor’s dealt the industrial product manufacturer another blow by downgrading its long-term credit rating to B-.