The ratings on AltaLink L.P. (AltaLink) reflect the company's strong business profile and average financial position. Alberta-based AltaLink is a regulated pure transmission company wholly owned by AltaLink Investments L.P. (AILP; BBB-/Stable/--). AltaLink's credit profile benefits from: low-risk, electricity transmission assets; an attractive service franchise with favorable economic fundamentals; and the relatively supportive regulatory environment and framework for transmission companies in the Province of Alberta. These strengths are offset by a financial profile constrained by regulatory directives and pressured by capital funding requirements to meet significant network growth in the period 2006-2009. Legal and structural ring-fencing measures permit the ratings on AltaLink to be insulated somewhat from its parent. A material change in the risk profile of either AltaLink or
