OK, let's say 3 years to pay back the debt if they wanted to. But what about your bankruptcy scenario... You said one bad year and they go bankrupt, but it probably would take more than one bad year, don't you think? The way I see it, if EBIT plummeted by about 50% from $980M down to $490M, they would still be able to service their debt without any trouble. EBIT would have to drop below $100M for them to be in trouble of defaulting, no? Even then it would take a few years for them to default. That seems pretty unlikely, for over $900M in EBIT to be erased, even in a bad year. Default risk just isn't a big problem, which is why they have a respectable credit rating, even with the leverage.