Cash flow from a low-risk, regulated monopoly transmission business Support from high-credit-quality shareholders Reliance on one investment Expected negative free cash flow in the next three years due to its subsidiary's expansion The ratings on AltaLink Investments L.P. (AILP) reflect, in Standard&Poor's Ratings Services' opinion, 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. We believe a weak financial risk profile, cash flow restrictions due to a ring-fenced limited partnership structure, and single-asset exposure offset these strengths. Although the ratings on AILP largely reflect its stand-alone credit quality, they remain linked with the ratings on AltaLink. As such, a material
