33. At the time the Contract for the service was originally let an assessment will have been made to establish an acceptable level of indebtedness. This exercise needs to be repeated for any refinancing to establish the maximum level of senior debt. This may be, and indeed often is, greater than the original requirement. Such an increase is generally acceptable because by the time of the refinancing much of the risk in the Project has disappeared (with, for example, the completion of the construction phase). Nevertheless, any proposal to increase the level of senior debt should be rigorously evaluated.