everybody is so optimistic , page-7

Yep,
interest rates are going up here, but the majority of Centros loans are in the US where interest rates are falling.

Centro were able to refinance their loans (before the loans meltdown in the US) but at the time opted to wait with the view that interest rates would fall before the loans were due.

Ironically, this has proved to be correct.

However they may well still have to pay higher rates than previously based on their perceived lower risk these days.

Your heading "everyone is so optimistic" is not entirely true, otherwise the shares would be considerably higher There is pessimism built into the current price.

There is of course still a risk that things wont work out, but the risk has probably lessened from when CNP first announced the problems.

We shall see,

Cheers

Bendigo