Supportive regulation and favorable market framework Monopoly electricity transmission assets No volume or commodity price risk Predictable cash flow Weak credit metrics Large, ongoing capital program Reliance on parent for equity injections The negative outlook reflects that on SNC, as well as AltaLink's reliance on timely equity injections from its parent. We continue to expect timely equity injections from SNC sufficient to maintain the consolidated balance sheet at its current level. Any change in SNC's ability or willingness to provide equity injections could result in a downgrade. Given this reliance on the ultimate owner, a drop in our ratings on SNC below the 'bbb' notional consolidated credit quality assessment of AILP most likely could affect the ratings on both AILP
