BBB Ltd. is applying for a $10 million loan from the bank. The historical financial data for BBB Ltd is shown in Table 1 below. BBB Ltd.s shares are trading at $200 per share with an outstanding amount of 1,000,000. Assume that the future market value of assets is $2469 million and its standard deviation in absolute value is 417 million. Whats the Distance-to-Default of the borrower?

Table 1. Balance Sheets of BBB Ltd. As at the end of Year 2020 $ million Current Assets Cash 50 Debtors 150 Stock 240 440 Current Liabilities Creditors 120 Hire Purchase 50 Bank Overdraft 160 Directors' Loans 14 Current Tax 1 345 Net Current Assets 95 Fixed Assets Freehold Building 120 Plant & Machinery 150 270 Long Term Liabilities Mortgage Loan 50 Deferred Taxation 5 Corporate Bonds 60 115 Net Long Assets 155 Net Assets 250 Financed by: Issued Share Capital 100 Profit and Loss Account 150 Total Capital 250