The ratings on AltaLink, L.P. (AltaLink) reflect the company's strong business profile and average financial position. AltaLink's credit profile benefits from low-risk, electricity transmission assets, an attractive service area with favorable economic fundamentals, and the relatively supportive regulatory environment and market 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 from 2006 to 2009. Calgary, Alta.-based AltaLink is a regulated transmission company wholly owned by AltaLink Investments, L.P. (AILP; BBB-/Stable/--). 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
