The ratings on AltaLink L.P. reflect Standard&Poor's Ratings Services' opinion of the company's excellent business risk profile and significant financial risk profile. In our view, owner support, low-risk, regulated electricity transmission assets, an attractive service area with favorable economic fundamentals, and a supportive regulatory environment and market framework for transmission companies in the Province of Alberta (AAA/Stable/A-1+) support the ratings. We believe AltaLink's weak cash flow metrics and large capital funding requirements offset these strengths. As of March 31, 2011, AltaLink reported about C$1 billion debt outstanding. 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 separated somewhat from those on
