What problems can enter into the capital budgeting analysis if project debt is evaluated instead of the

Question:

What problems can enter into the capital budgeting analysis if project debt is evaluated instead of the borrowing capacity created by the project?

Capital Budgeting
Capital budgeting is a practice or method of analyzing investment decisions in capital expenditure, which is incurred at a point of time but benefits are yielded in future usually after one year or more, and incurred to obtain or improve the...