Or to put it another way, if markets are either so irrational or so wise (depending on your point of view) that they think one kind of government borrowing is hideously bad and another is good, probably best to take the supposedly good money and run.
They want borrowing powers, control over company taxation (perhaps with a view to a tax-cutting strategy) and control over the Crown Estate in Scotland (which has implications for what goes on in coastal waters and harbours).
The study was done from a U.S. dollar view, but the council said its findings are applicable to other foreign investments where higher borrowing costs make traditional currency hedging expensive.