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 Standard&Poor's Ratings Services' opinion of the strength of its single investment and the support of AILP's ultimate and creditworthy shareholders. AILP is the sole owner of AltaLink L.P. (AltaLink; A-/Stable/--), an Alberta-based, regulated monopoly electricity transmission company. We believe an aggressive financial risk profile, cash flow restrictions due to a ring-fenced limited partnership structure, and a single-asset portfolio offset these strengths. (We rank financial risk profiles from 'minimal' to 'highly leveraged'.) Although the ratings on AILP largely reflect
