Supportive regulation Low-risk, efficient electricity transmission assets Predictable earnings and cash flow Execution risk associated with large capital infrastructure growth Negative free cash flow expected in the next three years The ratings on AltaLink L.P. reflect the company's strong business risk and intermediate financial risk profiles. AltaLink's credit profile benefits from the company's low-risk, regulated electricity transmission assets, an attractive service area with favorable economic fundamentals, and the relatively supportive regulatory environment and market framework for transmission companies in the Province of Alberta (AAA/Stable/A-1+). Offsetting these strengths are capital funding requirements to meet significant network growth in the next three years. Alberta-based AltaLink is a regulated transmission company wholly owned by AltaLink Investments L.P. (AILP; BBB-/Stable/--). Legal and structural ring-fencing
