Shares in Allied Farmers slipped half a cent to 4.6 cents on Tuesday, after its finance subsidiary had its credit rating downgraded.
Standard and Poor's dropped Allied Nationwide Finance's rating from B to BB minus late on Friday, with negative creditwatch.
The agency says the change reflects a material deterioration in the company's liquidity position, which means it could face a cash shortfall if reinvestment rates weaken further, or loan repayments are delayed.
Allied Nationwide chief executive John Mallon says he's disappointed with the downgrade, but remains focussed on improving the rating over time.
