to reduce someone or something to a lower rank or position; to make less important or less valued:

FINANCE to state that something such as a company is likely to produce less profit or growth, to be less able to pay back debt, etc. than was previously thought:

HR to make a job less senior, skilled, or important than before, or to put someone into a less senior or important job:

FINANCE a statement that something such as a company's profit, ability to pay back debt, etc. will be less than was expected: