Cwnha, page-13

Morningstar have upgraded to "Accumulate" but not for the faint of heart....

Upgrade to Accumulate on Price Weakness, High-Risk
Recommendation – Accumulate

Crown Subordinated Notes (CWNHA) holders have watched in dismay as the value of their holdings trend downwards since press reports surfaced that Crown Resorts, or Crown, or its assets will be either fully or partially privatised by a consortium involving Consolidated Press Holdings (CPH) and a third party. At current prices, CWNHA now offers a trading margin of 13.10%, yield to reset of 16.95% and running yield of 9.23%. We believe CWNHA is at a price that provides an attractive risk-reward proposition for high-risk investors. We upgrade our recommendation from Hold to Accumulate and also increase our security investment risk from Medium to High. This investment is not suitable for low-risk investors.

SirKnight