We are revising our outlook on and AltaLink Investments L.P. (AILP) and AltaLink L.P. (ALP) to negative. We are also affirming our ratings, including our 'A-' and 'BBB-' long-term corporate credit ratings, on ALP and AILP, respectively. The outlook revision follows our downgrade of ultimate owner SNC-Lavalin Group Inc. to 'BBB' from 'BBB+'. AILP and ALP continue to rely on equity injections from SNC that we estimate at about C$200 million in the next 12 months. On May 23, 2013 Standard&Poor's Ratings Services revised its outlook on Alberta-based AltaLink Investments L.P. (AILP) and subsidiary AltaLink L.P. (ALP; collectively, AltaLink) to negative from stable. At the same time, Standard&Poor's affirmed its ratings, including its 'A-' and 'BBB-' long-term
