Supportive regulation and favorable market framework Predictable cash flow Monopoly electricity transmission assets Weak credit metrics Large, ongoing capital program Large equity requirements The ratings on Alberta based AltaLink L.P. (AltaLink or ALP) reflect Standard&Poor's Ratings Services' opinion of the company's excellent business risk profile and significant financial risk profile. In our view, supportive regulation, predictable cash flows and monopoly electricity transmission assets, with a favorable market framework for transmission companies in the Province of Alberta (AAA/Stable/A-1+) support the ratings. We believe AltaLink's weak credit metrics for the ratings, a large capital program, and large equity requirements from the ultimate owner offset these strengths. AltaLink is a regulated transmission company wholly owned by AltaLink Investments L.P. (AILP; BBB-/Stable/--).
