That is exactly how I believe the market will percieve it.We now...

That is exactly how I believe the market will percieve it.

We now have evidence on at least two projects where there has been an admission of incorrect tendering without adequate prudential buffering for adverse impacts (APL,VDP).

So the key risk is how much of the $46 billion work in hand could also be impaired in the future? Especially considering both of the above mentioned projects have had major delays, cost blowouts through the design phase.

Add the lack of a dividend this year, and the dilution of the raising and LEI deserves to get down rated on Thursday, and over the ensuing months.