The ratings on AltaLink L.P. reflect Standard&Poor's Ratings Services' opinion of the company's 'excellent' business risk profile (we categorize business risk profiles from 'excellent' to 'vulnerable' ) and intermediate financial risk profile (we rank financial risk profiles from 'minimal' to 'highly leveraged'). 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+) support the rating. 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
