careful, page-11

Samquest,

I agree that certain LVR and ICRs are set at project/asset level. However, under the current environment, as long as debt servicing are met, most lenders at asset level will be more likely than not to let them continue by waiving covenant breach.

The volatility of property valuation is the inherrant nature of REIT business after all. Lenders will have to face this.

Here we are not talking about extremely high leverage as in the case of CNP.