I personally suspect it won't actually go below 40 in the short...

I personally suspect it won't actually go below 40 in the short / medium term, although anything is possible both now and in the long run.

Despite my view on the short term, it is possible I'd consider buying at some point - though certainly not for a while. It's better to miss a little of the upside than risk catching a whole lot more of the downside. Currently I just see no reason whatsoever to buy. As I've said before, downgrades follow downgrades follow downgrades. Maybe the business will be turned around, maybe it won't. If I thought the business had potential I'd want to see some of it realised before buying, and raising $90m solely to pay off debt does not come close to that.

I also see good value in a lot of other places right not so thinking CDD might go up isn't sufficient. I'd need to think it was a allocation of capital than other investments.