What you're saying is all factually correct. History shows that...

What you're saying is all factually correct. History shows that CCP did not issue equity, and used future cashflows to pay down debt. All good actions.

The issue here is, however, that it is the market that will shoot first, analyse later. When there are signs of a recession, many will think higher unemployment, reduced collections. And sell.
I suspect the business reality will be that CCP stops or reduces the PDL purchases, pays down debt, and focuses its capital elsewhere like USA. The price action will not reflect that.

It'll be painful, but that's where the opportunity lies in my view.
I say this as a long term shareholder.