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 Alberta-based AltaLink Investments L.P. (AILP) reflect what Standard&Poor's Ratings Services views as an excellent business risk profile. In our opinion, supporting this is the excellent business risk profile of its single investment in AltaLink L.P. (AltaLink; A-/Stable/--), an Alberta-based, regulated monopoly electricity transmission company; and the equity support of AILP's ultimate and creditworthy shareholders. We believe an aggressive financial risk profile, cash flow restrictions due to a ring-fenced limited partnership structure, and single-asset exposure offset these strengths. The ratings on AILP largely reflect
