High K (Sept / Dec 2017)

Also, sir, I don’t understand for the gearing part discussion:

The gearing level in 2016 is below the 2014 level, but it would have fallen further had a fall in debt not been partly matched by a fall in High K Co’s share price. It seems surprising that High K Co’s debt levels fell during 2016 at a time of lower interest rates. Possibly lenders were (rightly) sceptical about whether the cut in central bank lending rate would be sustained and limited their fixed rate lending.

could u please explain? thank you very much.