Cash flow from a low-risk, regulated monopoly transmission business Support from high-credit quality shareholders Reliant on one investment Negative free cash flow in the next three years due to subsidiary expansion The ratings on AltaLink Investments L.P. (AILP) reflect the strength of its single investment in AltaLink L.P. (A-/Stable/--), an Alberta-based regulated monopoly electricity transmission company; and the support of AILP's ultimate and creditworthy shareholders. Offsetting these strengths are a weak financial risk 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 directly affect AILP. AILP was
