We Now Know How Much Cash Drumpf Had in the Bank

[ProfessorGAC]

31. You Underestimate The Debt, Louis

The TO publicly claimed $10.2 billion in assets, $5.4 billion in debt at the start of 2016. (BTW: a D/E of 1.166, against an industry average of 0.68)
In 2018, Moody's ran a creditworthiness review of the TO. It's legally required for banks to contract these audits (usually as a group) on privately held companies so they asses risk with an amalgamated financial estimate. They have to do it every 5 years.
Anyway, Moody's assessed the assets were overvalued by 17-20%. They also revealed $1.2 billion in debt not publicly disclosed.
Since then, we found out about the Chinese & Saudi loans. Debt is closing in $7.5 billion on depleting assets that were only ~$8.3 billion 6 years ago.
That suggest a debt:equity of 10. With a number like that, TFG wasn't getting 3% loans or $3.3% RLOC deals. The debt load has to be crushing, given fallen revenues.