Supportive regulation Predictable earnings and cash flow Sound operations record Execution risk associated with large capital infrastructure growth Expected negative free cash flow for at least the next three years The ratings on Alberta-based AltaLink L.P. reflect Standard&Poor's Ratings Services' opinion of the company's excellent business risk profile (we categorize business risk profiles from 'excellent' to 'vulnerable') and significant financial risk profile (we rank financial risk profiles from 'minimal' to 'highly leveraged'). 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+) support the ratings. We believe capital funding requirements to meet material network growth in the
