Yuyu,
The article you reference points out a number key issues.
- maxmimal leverage on solid, stable infrastructure asset cash flow is the business model upon which Macquarie and B&B are built.
- long term, this is still a valid business model.
If B&B are currently being held up as Sinners, then Macquarie should be rated as full blown Princes of Darkness!!
(I am not suggesting Macquarie are in trouble; I am suggesting that BNB will survive).
