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02/27/15 6:33 PM

#5089 RE: DennyCrane550 #5088

Denny - your are good- nice representations on the pics- the single credit risk 160 mm loss is from Spain- check out the reduction in Geography exposure in the supp from Q3 to Q4 2014 .. 172 mm - its gone- its a toll road- northern spain..ratings were withdrawn in february of 2015 for Business Reasons , not creditworthiness according to Moodys- austerity isnt helping and a govt not building infrastructure isnt helping- ur right on other pts.. leverage is lower, -70 mm on consolidated policy surplus - clearly stock reflects that- but- what happened to this toll road is the question... LT surplus at 82 -- ST surplus at 87.5 - prefs unchanged - equity down 25% from 2 bucks .. so - looks like someone knew about this before us....