The stable outlook on ALP reflects that on its immediate parent, AILP, which in turn reflects the outlook on ultimate parent BHE. The outlook also reflects that, during our two-year outlook period, we do not expect changes to the strategic relationships between AILP and the BHE group and between ALP and AILP, the key factors in the ratings on ALP. In addition, the outlook reflects our expectation that ALP will continue generating stable and predictable cash flows. Under our base-case forecast, we expect adjusted funds from operations (AFFO) to debt of about 12% over the next two years. Although unlikely during our outlook horizon, we could take a negative rating action on ALP if we lower the ratings on AILP.
