No. of Recommendations: 11
I'm sure someone can correct me if I'm wrong, but I believe that the list contains both the recourse and non recourse choices.
BNSF and BHE are responsible for their own debt, and could default without creditors having access to other assets from head office. All others are, I think, backstopped by the parent.
Separately, my uninformed gut feel is that BNSF might be the sweet spot...blowups very unlikely in such a nice boring business (the word "finance" is inherently scary), and perhaps better yields than some of the other choices because the absolute quantity of debt is relatively high.
Jim
