Hmm..... considering my disclaimer is noted above, I guess it is...

Hmm..... considering my disclaimer is noted above, I guess it is probably best to list what I think you may want to consider as the risks:

a. The impairment of the Alinta assets disclosed are not a true reflection of the actual impact of the gas explosion and expenses to get it into operational / steady-state status.

b. The EBITDA notifications in the accounts (clarified by management) are not factoring particular appropriate asset revisions

c. The result forecast for BNB as the parent entity. If the results are worse than already considered in the past announcements, I would expect some spillover effect on BBP.

d. Are people still possibly expecting a dividend eventhough management has stated that no dividends will be paid out this quarter? If so, then a further "nail on the wall" may cause further investors to react negatively.

e. Refinancing risk. I always find project finance assets most susceptible to this due to arcane tax laws and specialised financing structures which Babcock and Brown are famous for.

As you may have already noted, my sentiment is a LT Buy. I somehow feel good assets with steady cash flows will always cover debt servicing which is at a precipated interest rate.