On Aug. 11, 2004, Standard & Poor's Ratings Services revised its outlook to negative from stable on AltaLink L.P. (AltaLink). At the same time Standard & Poor's affirmed its 'A-' long-term corporate credit rating on AltaLink. The ratings action reflects the uncertainty surrounding the execution and timing of an expected financial restructuring at AltaLink's parent, AltaLink Investments L.P. (AILP), that would strengthen the holding company's balance sheet and overall financial position. Alberta-based AltaLink is a pure transmission company wholly owned by AILP. Legal and structural ring-fencing measures permit the ratings on AltaLink to be insulated somewhat from its parent. Nevertheless, although the ratings on AltaLink largely reflect the company's stand-alone credit quality, the ratings remain linked with the risk profile
