Supportive regulation Predictable earnings and cash flow Sound operations record Execution risk associated with large capital infrastructure growth Credit metrics that we expect will remain weak for the ratings during an ongoing period of growth The ratings on AltaLink L.P. reflect Standard&Poor's Ratings Services' opinion of the company's excellent business risk profile and significant financial risk profile. In our view, owner support, low-risk, regulated electricity transmission assets and a supportive regulatory environment and market framework for transmission companies in the Province of Alberta (AAA/Stable/A-1+) support the ratings. We believe AltaLink's weak cash flow metrics and large capital funding requirements offset these strengths. AltaLink is a regulated transmission company wholly owned by AltaLink Investments L.P. (AILP; BBB-/Stable/--). Legal and
