The ratings on Alberta-based AltaLink Investments L.P. (AILP) reflect what Standard&Poor's Ratings Services views as the partnership's excellent business risk profile and aggressive financial risk profile. In our opinion, supporting the business risk profile is subsidiary AltaLink L.P. (AltaLink or ALP; A-/Stable/--), an Alberta-based, regulated monopoly electricity transmission partnership with stable cash flows. We believe an aggressive financial risk profile, cash flow restrictions from a ring-fenced limited partnership structure, and single-asset exposure offset these strengths. Legal and structural ring-fencing measures permit the ratings on AILP to be separated somewhat from those on subsidiary ALP, but the ratings remain linked. We believe these measures and regulatory oversight restrict AILP's ability to significantly increase cash distributions from AltaLink, and, in
