[sgbuffett]

The risk associated is not as low as what people think

On a pro forma basis, it expects MCT's adjusted net debt to increase to around 9.4 to 9.9 times Ebitda (earnings before interest, taxes, depreciation, and amortisation), from 8.2 times for the year ending March 2022. This is weaker than the 8.5 times downgrade threshold for MCT's Baa1 rating.

I estimate in a normal recession MCT can drop by 50%.
In a situation like Asian crisis or GFC it faces insolvency risks.

At current price it's not worth a buy.