Supportive regulation Predictable earnings and cash flow Sound operations record Execution risk associated with large capital infrastructure growth Negative free cash flow expected in at least the next three years In Standard&Poor's Ratings Services' opinion, the ratings on AltaLink L.P. reflect the company's excellent business risk and intermediate financial risk profiles. Its credit profile benefits from its 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+). We believe capital funding requirements to meet significant network growth in the next three years offset these strengths. Alberta-based AltaLink is a regulated transmission company wholly owned by AltaLink Investments
