In Standard&Poor's Ratings Services' opinion, the ratings on AltaLink L.P. reflect the company's excellent business risk and intermediate financial risk profiles. Its credit profile benefits from its low-risk, regulated 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 (AAA/Stable/A-1+). We believe capital funding requirements to meet significant network growth in the next three years offset these strengths. Alberta-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 those on its parent. A material change in the risk profile of
