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He never downgraded the stock or advised investors to sell it, but then, dropping coverage means never having to say "sell".
They never downgraded him but scolded him for seeming not to have a "sustainable" business model.
Operationally, however, the NHC kept the system classified as a tropical cyclone and never downgraded it to a disturbance.
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Instead the preparation began with a rigorous fielding session, an area of the game that Trevor Bayliss will never downgrade.
At the same time, almost everyone believed that the rating agencies would never downgrade MBIA, because doing so was not in their short-term financial interest.
Perhaps the old swagger of previous years has been absent from United's play this season but a title triumph should never be downgraded.
We also suspect the downgrade will never happen since downgrading the United States would probably require downgrading all the American banks — the agencies' main clients.
Less than three weeks later, the DMCC would change the inspection reporting rules once again, this time in a way that meant Kaloti's second compliance report, with the downgraded finding, would never be made public.
Regulators and rating agencies will take a closer look at insurers' financial results, and several companies will see their ratings downgraded to levels never before experienced.
And we never, ever, downgrade or shame".
This structure when subjected to traditional CLO rating methodology could never avoid downgrades.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com