The ratings on Alberta based AltaLink L.P. (AltaLink or ALP) reflect Standard&Poor's Ratings Services' opinion of the company's excellent business risk profile and significant financial risk profile. In our view, supportive regulation, predictable cash flows and monopoly electricity transmission assets, with a favorable market framework for transmission companies in the Province of Alberta (AAA/Stable/A-1+) support the ratings. We believe AltaLink's weak credit metrics for the ratings, a large capital program, and large equity requirements from the ultimate owner 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 to be separated somewhat from those on its parent, but the ratings remain
