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Book debt |
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| The ratings also assume that book debt will remain near $331 million in the near-term. Book debt to equity ratio (including operating leases and hedges) moved from 51:49 at 30 June 2003 to 50:50 at 31 December 2003, principally as a result of stronger earnings during the half-year. Accordingly, total book debt to capital is expected to be 130%-140% by year-end 2004 and remain near 100% through 2007. |
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