What date was this analysis published niqu45?
Doesn't seem to include 500 million dollar issue by Hunan/Valin, which if approved by the ASX, FIRB and Chinese investment authorities, (expected news on these three by end March) changes the outlook for their ability to service the debt due in the near term, and greatly enhances their chances of weathering the GFC.
info on fmg, page-2
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