The ratings on Alberta-based 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 significant 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 ratings. We believe capital funding requirements to meet material network growth in the next three years offset these strengths. 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
