W*** C*** for a R*** U*** (4049)

Had a quick look, and you could argue the case that C- is a bit harsh given the 100% credit rating and huge net asset position.  The problem is that current assets & current liabilities are both negligible which might imply poor / lumpy cashflow, and the balance sheet value is almost entirely revaluation reserve. 

If any of the bidders actually had the time to do any due dilligence on this (given it must have been a feeding frenzy at the time), the results may well have suggested that a very small loan at 11.5% is a good bet.