This will be paid for, there's no debt. We're not going to do have to do a levy and ask for money from anybody,

The downgrade reflects expectations for debt reduction in 2006, which — while meaningful — is nevertheless insufficient to improve leverage and other key credit ratios to a level consistent with an 'A' rating level.

The path to complete debt relief has now been cleared. We will move swiftly to give the bank's board of directors a paper outlining a compensation schedule and a monitoring system -- a process that can be completed within weeks.

I think you will find we will have to repay the debt and before the election next year a special rate will have been imposed.

Affordability and overall debt levels will still have to adjust to more comfortable levels before we can expect any widespread increase in demand and thus prices,

The pension fund will probably invest most of its allocation in domestic debt because Japanese stocks have had a good rally over the past year and the value of bonds is low. Some money may be used to buy overseas bonds.