TORONTO (Standard&Poor's) Feb. 11, 2011--Standard&Poor's Ratings Services today said that its ratings on AltaLink L.P. (A-/Stable/--) and its direct owner AltaLink Investments L.P. (AILP; BBB-/Stable/--) are unaffected by SNC-Lavalin Group Inc.'s (BBB+/Stable/--) decision to acquire Macquarie Essential Assets Partnership's (MEAP; not rated) 23.08% indirect interest in AltaLink's operations for C$213 million. SNC currently has an indirect 76.92% ownership interest in the Calgary, Alta.-based electricity transmission utility. The sale is subject to regulatory approvals. In our opinion, AILP's ability to fund AltaLink's significant upcoming equity needs through bank and capital market borrowings while maintaining AILP's balance-sheet strength relies on timely equity injections from its ultimate, investment-grade owners, which we believe will be forthcoming during this high-growth period.
