I reckon MRA has got past the Aug subprice trouble by implication.
In my opinion the key issue why the sp is not moving is that an unhealthy proportion of their distribution for the next couple of years will be from forex hedge gains. Good on them to protect their A$ cashflow, that what hedging is about, but if the forex rate doesn't subside in the next year or so, MRA A$ distributions will become exposed and will decline.
Your risk - if the US$ falls back into the high 70 cents or so then MRA is super cheap now. If it stays at around 90 cents (or worse to rise) over the nexy couple of years - then MRA is unfortunately a bad bet even now.
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