lets do a stress test on bbi, page-9

Very good question Petro. Perhaps the underlying cash flow of BBI's defensive assets did not justify a devaluation? I think part selling Powerco and Euroports at above book value smack bang in the middle of the credit crunch bears testimony to the quality of their assets.
My view is that as credit starts to flow again (and it will, just a matter of surviving until it does), BBI will be re-rated. A couple of big asset sales will ensure they get the breathing space they need.