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The downgrade shouldn't come as a surprise to anyone, but it is a major issue for the refinancing, the core banks are in a catch 22, they can't all sell out at their desired price, whilst applying usual lending criteria is fraught with the risk that markets worsen and they are left holding the bag.

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    Who said: "If you have always believed that everyone should play by the same rules and be judged by the same standards, that would have gotten you labeled a radical 60 years ago, a liberal 30 years ago and a racist today."?
    A Barack Obama
    B Thomas Sowell
    C Larry Elder
    D Ron Paul