completely agree, although I think the downside is probably...

completely agree, although I think the downside is probably limited even further. Rams will be able to refinance its loans, the worst that will happen is it will be required to give NAB convertible equity in exchange for secured funding if the RMBS mkt hasnt recovered in 6 months (which is extremely unlikely). On this basis rams should still record a strong profit (current eps are 11.5c) so I cant see it falling below 1.00 except perhaps for some intraday trading if short term holders panic. Ultimately it will be rerated above 1.50 - I'd expect in the next few weeks but even if it is longer it will certainly happen once the credit crunch has eased.