mxupa presso and conf call, page-8

You have to remember that they are 100% owned by investment grade BAM which has put equity in 3 times this year and gearing is not high. Stepping up to 3.9% permamently is not particularly clever if the rate for borrowing investment grade is lower. Its not a perpetual and from listening to the conf call, it is pretty clear that they will continue paying coupons.Not bad value for $20