This report does not constitute a rating action. Overview Key strengths Key risks Owns low-risk electricity transmission utility AltaLink L.P. (ALP). Geographic and regulatory diversity limited to Alberta. Limited commodity exposure. Sluggish economic conditions in Alberta, with limited growth opportunities. A generally supportive regulatory framework in Alberta, Canada. Incremental debt leverage weakens financial measures within the financial risk profile. We expect lower capital spending at AltaLink Investments L.P. (AILP) because of the slow recovery of the economy in Alberta from the COVID-19 pandemic. We expect annual capital spending to average C$260 million through the forecast. This reflects the company's essential transmission operations under a generally credit-supportive framework in Alberta, Canada. Under our base-case scenario, we expect adjusted funds from operations
