We last wrote on Brookfield Renewable Partners L.P. (BEP) back in April 2019. The article at that time was in response to a bearish piece we had read on the distribution safety of its common units. The author had raised some valid points, namely, an excessive payout ratio, high interest costs and an exorbitant level of debt. Although we agreed with all of those negatives, we thought that under the environment prevailing at the time, BEP’s investment grade balance sheet and predominantly non-recourse, long-term debt would mitigate the risk of a distribution cut.