Recyclico Battery Materials Inc. (AMYZF)

[gharma]

Well, you made me curious, so I logged into my most full-service broker and for AMY I found a new report by S&P dated Nov 16, and that the most recent (Oct 26) report by GMI for corporate governance and practices moved AMY from Average to Aggressive, and also had notes of actions after the last filings that may adversely impact that next report (restated filing, late filing). The new S&P analysis did not give a rating.
From what I could see it was all pretty much a normal poor showing for a non-revenue generating company being assessed by an industry standard, algorithmic technique (not geared toward resource exploration/development).
The one thing I have been watching, which may be part of your TD Waterhouse rating change is the cash position and probability of needing to raise capital soon.