Supportive regulation Low-risk, efficient transmission assets Ring-fenced limited partnership structure Average financial profile Cash flows insufficient to fund projected infrastructure growth Based on Standard & Poor's Ratings Services' assessment of the existing ring-fencing measures, the ratings on AltaLink reflect its strong business profile and average financial position. AltaLink benefits from low-risk, efficient transmission assets, an attractive transmission service franchise with favorable economic fundamentals, and relatively supportive regulation. Although the ratings currently reflect AltaLink's stand-alone credit quality, the ratings remain linked with AltaLink Investments L.P.'s business and financial profiles. A material deterioration in AltaLink Investments' consolidated risk profile would therefore have a direct impact to the ratings on AltaLink. Due to the ring fencing between AltaLink and its parent, AltaLink is
