I would think that the pressure on Singtel to keep paying off dividends has also caused its leverage and credit risk to worsen also. It's dividend payout ratio is actually 77% for 2018 Q3, quite high! If Singtel were to cut back on dividends, its share prices will really tank since the dividends have all been priced into the shares. Maybe just to wrap Sandra point up, the measure of leverage that was talked about in the article was Debt/EBITDA. If more debt is taken on, but EBITDA decreases, the leverage levels will increase. That's probably why they downgraded Singtel's rating.