Cash flow derived from a low-risk, regulated monopoly transmission business Support from high credit quality shareholders Reliant on one investment The ratings on AltaLink Investments L.P. (AILP) reflect the strength of its single investment in AltaLink L.P. (AltaLink; A-/Stable/--), an Alberta-based, regulated monopoly electricity transmission company, and the support of AILP's ultimate and creditworthy shareholders. These strengths are offset by a weak financial profile, cash flow restrictions due to a ring-fenced limited partnership structure, and single-asset exposure. Although the ratings on AILP largely reflect its stand-alone credit quality, they remain linked with the ratings on AltaLink. As such, a material deterioration in AltaLink's creditworthiness will have a direct impact on AILP. AILP was established in 2001 to indirectly own or
