niks selling assets reduces both the value of assets and debt...

niks

selling assets reduces both the value of assets and debt whereas saving distributions reduces only debt... thus has a much bigger impact on TLR.

back of the envelope calculation suggests $230m of asset sales will reduce TLR by 1.5%

PS Beware of new liabilities due to fair value losses on interest rate and FX hedges as these will be recognised in the TLR