The ratings on AltaLink Investments L.P. (AILP) reflect, in Standard&Poor's Ratings Services' opinion, the strength of the company's single investment in AltaLink L.P. (A-/Stable/--), an Alberta-based regulated monopoly electricity transmission company; and the support of AILP's ultimate and creditworthy shareholders. We believe a weak financial risk profile, cash flow restrictions due to a ring-fenced limited partnership structure, and single-asset exposure offset these strengths. Although the ratings on AILP largely reflect the company's stand-alone credit quality, they remain linked with the ratings on AltaLink. As such, a material deterioration in AltaLink's creditworthiness will directly affect that of AILP. AILP was established in 2001 to indirectly own or operate electricity transmission assets in and outside Alberta. But AltaLink represents its
