Exactly, thats why a JV with another major makes so much sense than going in alone.

I had assumed they would find a JV partner at some point.

If they have to arrange our financing, under the 75% option, that would make their debt to equity sort of artifically worse than if they simply bought us out entirely. That is because they would have to finance 100% but would only have equity covering 75%. Is that right in a very simplistic way?

Clearly it makes it much more simple to find a partner and then they would have the flexibility to arrange the deal in any way that the ratings agencies require. When you read the Sumitomo article you start to gain an understanding of just how much money is out there available for acquisitions.