Two weeks back, mining services contractor NRW Holdings was one of several companies fingered by UBS' Paul Winter as most likely to suffer debt stress caused by an extended economic downturn, a claim dismissed by the company.

Still, even after reiterating to investors that its cash flows were "entirely consistent with our business forecasts for the first quarter of 2020", NRW last week informed investors that it was deferring its dividend to retain "the maximum liquidity available". Investors who've seen a 61.5 per cent share price fall since February 24 are unlikely to see the fruits of the earthmover's financial strength for some months yet.