I agree Michinyou.
The timing of this release was very unfortunate.
Lots of losses for investors to wipe off.
Indeed, should RAT have to re-negotiate terms with the bond lenders, they may get a better rate and better covenants as I believe the issuers are desperate for business.
A 7% deval is not that bad given the fiasco that is going on in the states.
I'm optimistic that tomorrow it will bounce back to 13-14 cents.
The underlying value of the assets is still there and has not changed. In fact one could argue, that in these troubled times of risk/reward, having a relatively secure 6-9% return on commercial real-estate is very attractive.
Regards
Zip
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