The ratings on AltaLink Investments L.P. (AILP) reflect, in Standard&Poor's Ratings Services' opinion, the strength of its single investment in AltaLink L.P. (AltaLink; 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 its stand-alone credit quality, they remain linked with the ratings on AltaLink. As such, a material deterioration in AltaLink's creditworthiness will have a direct impact on AILP. AILP was established in 2001 to indirectly own or operate electricity transmission assets in and outside Alberta. But AltaLink represents its
