Rolls-Royce (RYCEF) has frequently been cited within value circles as a long-term recovery play on a high-quality business with a competitive moat. But the stock has drastically underperformed and now lies near multi-year lows after yet another underwhelming quarter. More importantly, management failed to answer the key question - exactly how the company will fund itself for the long term, especially now its credit has been downgraded to non-investment grade by all three ratings agencies. My base case remains for a major rights issue sooner rather than later, in addition to the planned disposals, with